摩根士丹利-小米全新汽车品牌产品与基本面观察- Xiaomi Corp SkyNomad's Technology Launch on July 30 in Beijing 2026

RESEARCH

Morganstanley

July27,202603:45AMGMT

XiaomiCorp|AsiaPacific

SkyNomad'sTechnologyLaunchonJuly30inBeijing

KeyTakeaways

SkyNomadıslaunchislikelytobecomeapositivecatalystinthecomingmonths.

XiaomiannouncedtodaythatitsnewEVbrand1SkyNomad丿willhostatechnologylauncheventonJuly30inBeijing.Theseriesisdesignedtoenablemoreversatilein-carlifestylescenariosandgreaterfreedomofcabinspaceuse.

Xiaomiaimstoredefinespacethroughintelligenceandcreatea“livingspace”insidethevehicle.Xiaomibelievescabinspaceshouldnotbestatic;itshouldadaptflexiblytousers丿needsandpreferences.Targetusersmayspendtwohourscommutingeachday丿takeshortrestsinthecar丿handleworkonthego丿travelwithfamilyon

weekends丿orusethevehicleasasecondhomewhilecamping.

UnderWLTCconditions丿SkyNomadoffersamaximumpure-electricrangeofupto380kmandaminimumfuelconsumptionof5.7L/100kmincharge-sustaining

mode.

By1H26丿SkyNomadhaddeployed566testvehicles丿accumulated>4.28millionkmofroadtesting丿andcovered>300citiesacrossChina.Testingconditionsranged

from-41°Cto53°C丿withthehighestaltitudereaching5丿380meters.

Exhibit1:InnovativedesignofSkyNomadtocreatea'livingspace'insidethevehicle

Source:CompanyData

MoRGANSTANLEyAsiALimiTED+AndyMeng丿CFA

EquityAnalyst

Andy.Meng@

+8522239-7689

BettyChenResearchAssociate

Betty.H.Chen@

+8522239-7213

XiaomiCorp(1810.HK,1810HK)

TopPick

GreaterChinaTechnologyHardware|China

StockRating

Overweight

IndustryView

In-Line

Pricetarget

HK$32.00

Up/downsidetopricetarget(%)

20

Shrprice,close(Jul24,2026)

HK$26.72

52-WeekRange

HK$59.90-21.30

Shout,dil,curr(mn)

26,695

Mktcap,curr(mn)

US$90,962

Avgdailytradingvalue(mn)

US$843

Unlessotherwisenoted,allmetricsarebasedonMorganStanleyModelWareframework

**=Basedonconsensusmethodologye=MorganStanleyResearchestimates

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

UpDATE

FiscalYearEnding

12/25

12/26e

12/27e

12/28e

EPS(Rmb)**

1.47

0.89

1.27

1.85

PriorEPS(Rmb)**

-

-

-

-

Revenue,net(Rmbbn)

457.3

438.9

533.8

646.2

EBITDA(Rmbbn)

38.2

21.6

36.6

56.4

ModelWarenetinc(Rmbbn)

41.6

16.2

25.2

39.6

P/E

22.6

37.6

24.2

15.4

Morganstanley

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ValuationMethodologyandRisks

XiaomiCorp(1810.HK)

Basecase,sumoftheparts.

nResidualincome(RI)modelforthreeoftheunits.WeapplyaCoEof11%tothesmart-phonebusiness,11%toIoT,and11.4%toInternetServices,withterminalgrowthratesof3%,3%,and6%,respectively.

nEVbusiness:DCF,probability-weighted20%bull,60%base,20%beartoreflectlikelysuccessfortheEVbusiness.WACC12.2%,terminalgrowthrate5%.

nWeaddthevalueofinvestments.

RiskstoUpside

nBetter-than-expectedordersandcustomerfeedbackforthenewEVmodel

nGoodramp-upforofflineexpansioninChinawithstrongvolumecontribution

nHighersharegaininoverseasmarkets

RiskstoDownside

nContinuedfierceEVcompetition

nSmartphonegrossmarginpressurefrominventoryde-stockingandweakdemand

nMoreconcernsaboutsmartEVinvestment,whichcouldexertpressure

MoRGANSTANLEyREsEARcH3

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AnalystCertification

Thefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:AndyMeng,CFA.

.

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MorganStanleyResearchhasbeenpublishedinaccordancewithourconflictmanagementpolicy,whichisavailable

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Portugueseversionofthepolicycanbefound

at.br

ImportantRegulatoryDisclosuresonSubjectCompanies

AsofJune30,2026,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinMorganStanleyResearch:AACTechnologiesHoldings,AcctonTechnologyCorporation,AirTACInternational,AUOptronics,AurasTechnologyCoLtd,Bizlink,BOETechnology,CatcherTechnology,Chenbro,ChromaAteInc.,CompalElectronics,DeltaElectronicsInc.,EInkHoldingsInc.,EoptolinkTechnologyIncLtd,FositekCorp,GeniusElectronicOpticalCo.Ltd.,Giga-ByteTechnologyCo.Ltd.,GoldCircuitElectronicsLtd.,HiwinTechnologiesCorp.,Innolux,LandMarkOptoelectronicsCorporation,LarganPrecision,LingyiItechGuangdongCo,Lite-OnTechnology,LotesCo.Ltd.,NanYaPCB,SunnyOptical,SuzhouTFCOpticalCommunicationCoLtd.,TCLCorp.,Unimicron,VisualPhotonicsEpitaxyCoLtd,WistronCorporation,WiwynnCorp,XiaomiCorp,YageoCorp.,ZhejiangCrystal-OptechCoLtd,ZhenDing,ZhongjiInnolightCoLtd,ZTECorporation.

Withinthelast12months,MorganStanleymanagedorco-managedapublicoffering(or144Aoffering)ofsecuritiesofUnimicron,WistronCorporation,WiwynnCorp,ZhenDing.

Withinthelast12months,MorganStanleyhasreceivedcompensationforinvestmentbankingservicesfromLenovo,Unimicron,WistronCorporation,WiwynnCorp,XiaomiCorp,YageoCorp.,ZhenDing.

Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAACTechnologiesHoldings,AcctonTechnologyCorporation,AcerInc.,Advantech,AirTACInternational,AsiaVitalComponentsCo.Ltd.,AsustekComputerInc.,AUOptronics,Bizlink,CatcherTechnology,Chenbro,CompalElectronics,DeltaElectronicsInc.,EInkHoldingsInc.,EnnostarInc,EoptolinkTechnologyIncLtd,FITHonTengLtd,Giga-ByteTechnologyCo.Ltd.,GoerTekInc,GoldCircuitElectronicsLtd.,HonHaiPrecision,Innolux,Lenovo,LensTechnology,LingyiItechGuangdongCo,Lite-OnTechnology,LuxsharePrecisionIndustryCo.,Ltd.,PegatronCorporation,QTechnology(Group)CompanyLtd,QuantaComputerInc.,ShanghaiConantOpticalCoLtd,ShenzhenTranssionHoldingsCoLtd,SuzhouTFCOpticalCommunicationCoLtd.,TCLCorp.,Unimicron,WistronCorporation,WiwynnCorp,XiaomiCorp,YageoCorp.,YangtzeOpticalFibreandCableJSCLtd,ZhenDing,ZhongjiInnolightCoLtd.

Withinthelast12months,MorganStanleyhasreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromAACTechnologiesHoldings,AcctonTechnologyCorporation,AcerInc.,AsustekComputerInc.,AUOptronics,BYDElectronics,CompalElectronics,EInkHoldingsInc.,EoptolinkTechnologyIncLtd,Giga-ByteTechnologyCo.Ltd.,GoerTekInc,HonHaiPrecision,Innolux,Lenovo,LingyiItechGuangdongCo,QuantaComputerInc.,XiaomiCorp,YageoCorp..

Withinthelast12months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclientrelationshipwith,thefollowingcompany:AACTechnologiesHoldings,AcctonTechnologyCorporation,AcerInc.,Advantech,AirTACInternational,AsiaVitalComponentsCo.Ltd.,AsustekComputerInc.,AUOptronics,Bizlink,CatcherTechnology,Chenbro,CompalElectronics,DeltaElectronicsInc.,EInkHoldingsInc.,EnnostarInc,EoptolinkTechnologyIncLtd,FITHonTengLtd,Giga-ByteTechnologyCo.Ltd.,GoerTekInc,GoldCircuitElectronicsLtd.,HonHaiPrecision,Innolux,Lenovo,LensTechnology,LingyiItechGuangdongCo,Lite-OnTechnology,LuxsharePrecisionIndustryCo.,Ltd.,PegatronCorporation,QTechnology(Group)CompanyLtd,QuantaComputerInc.,ShanghaiConantOpticalCoLtd,ShenzhenTranssionHoldingsCoLtd,SuzhouTFCOpticalCommunicationCoLtd.,TCLCorp.,Unimicron,WistronCorporation,WiwynnCorp,XiaomiCorp,YageoCorp.,YangtzeOpticalFibreandCableJSCLtd,ZhenDing,ZhongjiInnolightCoLtd.

Withinthelast12months,MorganStanleyhaseitherprovidedorisprovidingnon-investmentbanking,securities-relatedservicestoand/orinthepasthasenteredintoanagreementtoprovideservicesorhasaclientrelationshipwiththefollowingcompany:AACTechnologiesHoldings,AcctonTechnologyCorporation,AcerInc.,AsustekComputerInc.,AUOptronics,BYDElectronics,CompalElectronics,EInkHoldingsInc.,EoptolinkTechnologyIncLtd,Giga-ByteTechnologyCo.Ltd.,GoerTekInc,HonHaiPrecision,Innolux,Lenovo,LingyiItechGuangdongCo,QuantaComputerInc.,XiaomiCorp,YageoCorp.,ZhenDing.

TheequityresearchanalystsorstrategistsprincipallyresponsibleforthepreparationofMorganStanleyResearchhavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandoverallinvestmentbankingrevenues.EquityResearchanalysts'orstrategists'compensationisnotlinkedtoinvestmentbankingorcapitalmarketstransactionsperformedbyMorganStanleyortheprofitabilityorrevenuesofparticulartradingdesks.

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STOCKRATINGS

MorganStanleyusesarelativeratingsystemusingtermssuchasOverweight,Equal-weight,Not-RatedorUnderweight(seedefinitionsbelow).MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,holdandsell.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinMorganStanleyResearch.Inaddition,sinceMorganStanleyResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadMorganStanleyResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.

GlobalStockRatingsDistribution

(asofJune30,2026)

TheStockRatingsdescribedbelowapplytoMorganStanley'sFundamentalEquityResearchanddonotapplytoDebtResearchproducedbytheFirm.

Fordisclosurepurposesonly(inaccordancewithFINRArequirements),weincludethecategoryheadingsofBuy,Hold,andSellalongsideourratingsofOverweight,Equal-weight,Not-RatedandUnderweight.MorganStanleydoesnotassignratingsofBuy,HoldorSelltothestockswecover.Overweight,Equal-weight,Not-RatedandUnderweightarenottheequivalentofbuy,hold,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Tosatisfyregulatoryrequirements,wecorrespondOverweight,ourmostpositivestockrating,withabuyrecommendation;wecorrespondEqual-weightandNot-RatedtoholdandUnderweighttosellrecommendations,respectively.

CoverageUniverse

InvestmentBankingClients(IBC)

OtherMaterialInvestmentServices

Clients(MISC)

StockRating

Count

%ofTotal

Count

%ofTotalIBC

%ofRating

Count

%ofTotalOther

Category

Category

MISC

Overweight/Buy

1544

42%

453

49%

29%

757

44%

Equal-weight/Hold

1577

43%

390

42%

25%

769

44%

Not-Rated/Hold

3

0%

1

0%

33%

1

0%

Underweight/Sell

544

15%

89

10%

16%

204

12%

Total

3,668

933

1731

DataincludecommonstockandADRscurrentlyassignedratings.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyreceivedinvestmentbankingcompensationinthelast12months.Duetoroundingoffofdecimals,thepercentagesprovidedinthe"%oftotal"columnmaynotadduptoexactly100percent.

AnalystStockRatings

Overweight(O).Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Equal-weight(E).Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

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AnalystIndustryViews

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In-Line(I):Theanalystexpectstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthstobeinlinewiththerelevantbroadmarketbenchmark,asindicatedbelow.

Cautious(C):Theanalystviewstheperformanceofhisorherindustrycoverageuniverseoverthenext12-18monthswithcautionvs.therelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachregionareasfollows:NorthAmerica-S&P500;LatinAmerica-relevantMSCIcountryindexorMSCILatinAmericaIndex;Europe-MSCIEurope;Japan-TOPIX;Asia-relevantMSCIcountryindexorMSCIsub-regionalindexorMSCIACAsiaPacificexJapanIndex.

StockPrice,PriceTargetandRatingHistory(SeeRatingDefinitions)

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/eqr/disclosures/webapp/generalresearch

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AsofJuly23,2026,MorganStanleybeneficiallyownedanetlongpositionexceeding0.5%ofthetotalissuedsharecapitalofthefollowingcompaniescoveredinMorganStanleyResearch:LingyiItechGuangdongCo.

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