Xiaomi (1810): New Extended Range EV launched as expected; later delivery ramp implies FY26 EV delivery target is at risk

研报英文原文证据摘录

Xiaomi (1810): New Extended Range EV launched as expected; later delivery ramp implies FY26 EV delivery target is at risk

Asia Pacific Equity Research

31 July 2026

Neutral

Xiaomi (1810) 1810.HK, 1810 HK

Price: HK$31.04

New Extended Range EV launched as expected; later 30 Jul 2026

delivery ramp implies FY26 EV delivery target is at risk Price Target: HK$35.00

PT End Date: 31 Dec 2026

Technology

Gokul Hariharan AC

• Xiaomi launches a new Extended Range SUV series under a new (852) 2800-8564

brand, with interior space as the key focus: Xiaomi unveiled a new gokul.hariharan@jpmorgan.com

EV brand, SkyNomad, and debuted two new EREV SUVs (the N90 J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

Max, a 7-seater, and the N70 Max, a 5-seater) under the SkyNomad Jennifer Hsieh

brand at its car launch event yesterday, with standard versions to be (886-2) 2725-9868

released later. Pricing is largely in line with our expectations (presale jennifer.hsieh@jpmorgan.com

prices of ~RMB300K and ~RMB260K, respectively), slightly below the J.P. Morgan Securities (Taiwan) Limited

YU7 Max and Pro at ~RMB330K and ~RMB280K. The key selling David Chou

point of the new SUVs is their large and scalable interior space. (886-2) 2725-9618

david.chou@jpmorgan.com

• Lack of initial pre-order data from management points to J.P. Morgan Securities (Taiwan) Limited

uncertainty around customer response: While pre-orders opened at Jason Chen

9pm HKT on July 30, management has not disclosed initial pre-order (886-2) 2725-9864

figures so far for the new series, which points to uncertainty around jason.bh.chen@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

customer feedback. This is a slight negative signal in our view, as

Subham Singhania