德银称，小米汽车定下今年全年交付量目标30万辆目标较为保守，较2024年超过13.5万辆的交付量同比增长一倍以上。该行估计小米旗下电动车将继续面临由于手头积压订单、每月新订单流量强劲情况而带来的供不应求，预计小米电动车今年的交付量将由其供应能力决定，而不是由需求决定。Deutsche Bank expects that the annual production capacity of Xiaomi Autos' Peking factory phase one will reach 300,000 units this year.
According to the Zhihu Finance APP, Deutsche Bank has released a research report stating a "Buy" rating for XIAOMI-W (01810) with a Target Price of 43 Hong Kong dollars. The bank expects the annual production capacity of the first phase of the Peking factory for XIAOMI Autos to reach 300,000 vehicles this year. Since XIAOMI Autos is constructing the second phase of the Peking factory, considering the upcoming supply from the second phase, the bank estimates there is potential for an upward adjustment in the delivery guidance for XIAOMI Autos in 2025.
XIAOMI Autos set a new record in December last year, exceeding market expectations. In December, the delivery volume of electric vehicles surpassed 25,000 units (compared to 23,143 units in November, setting a new monthly delivery record). On a weekly basis, the delivery volume of XIAOMI electric vehicles in December last year was approximately 5,400 units, 5,800 units, 6,000 units, and 6,700 units for each week from the first to the fourth week. The bank estimates that the overall delivery volume of XIAOMI in December last year increased by 10% month-on-month, and the delivery volume for the fourth quarter reached a new high level, resulting in a total delivery of 135,000 units for the year, consistent with the bank's estimate of 137,000 units.
Deutsche Bank stated that the delivery target for XIAOMI Autos for the entire year of this year, set at 300,000 vehicles, is relatively conservative, representing more than a doubling compared to the delivery volume of over 135,000 vehicles in 2024. The bank estimates that XIAOMI's electric vehicles will continue to face supply shortages due to a backlog of orders on hand and strong inflow of new orders each month. It is expected that the delivery volume of XIAOMI electric vehicles this year will be determined by their supply capacity rather than by demand.
