CICC issued a report that it is expected that the new product release of Xiaomi Group (1810.HK) is expected to drive the company's smartphone shipments and high-end market share in the first quarter of next year, and is optimistic about the development prospects of the smart car business, maintaining the original profit forecast of Xiaomi unchanged, and maintaining the "outperform industry" rating and the target price of HK$34.
The bank said that Xiaomi announced a full benchmarking apple (AAPL. US), released the Xiaomi Mi 12, Xiaomi Mi 12 Pro two mobile phones, and launched the quasi-flagship Xiaomi Mi 12X. The report pointed out that the main place where the new flagship machine exceeded expectations is that the standard version and pro version of each model are smaller than the Mi 11 version of the price reduction of 300 yuan (the same below), the offer price is lower than CICC's previous expectations and the level of Xiaomi 11.
Considering the xiaomi mi 12 and mi 12 pro plus volume and price reduction, it is expected that its shipment volume is expected to exceed xiaomi 11. The starting price of the three new digital machines is 3,199 yuan, 3,699 yuan and 4,699 yuan respectively, reflecting the company's further refinement of the high-end market of more than 3,000 yuan, which will help the company to continue to expand the high-end market steadily.
Xiaomi Chairman Lei Jun said that in the past two years, the company has invested about 22 billion yuan in research and development expenses, and at the press conference, he updated the company's research and development plan, and the company's research and development investment will reach 100 billion yuan in the next five years. Considering the company's continuous progress in the direction of smartphone innovation, and the company's expected mass production of smart cars in the first half of 2024, CICC believes that Xiaomi's continuous investment in research and development has long-term value.
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