Xiaomi: Charging Ahead In The Ecosystem Race With A Spinning Flywheel

Summary

• Xiaomi's robust ecosystem, rivaling Apple and Amazon, drives growth across smartphones, IoT, and EV segments, with a 40% upside potential at a 3x forward multiple.
• Premium smartphones like Xiaomi 15 Ultra and expanding IoT products are key growth drivers, enhancing brand equity and consumer stickiness.
• The successful launch of the SU7 EV and upcoming Yu7 model highlight Xiaomi's competitive edge in the EV market, reinforcing its ecosystem.
• Valuation is conservative; Xiaomi should be valued on ecosystem strength, with potential for significant upside if key product launches succeed.