UBS's report covered XIAOMI-W (01810.HK), of which YU7 manifested 289,000 units in pre-orders within the first hour after opening on June 26, sparking market concerns about potential loss of market share among peers and supply chain impacts.

As investors debate who Xiaomi YU7's direct competitors are, the most frequently mentioned models include Tesla (TSLA.US)'s Model Y, LI AUTO-W (02015.HK)'s L6, XPENG-W (09868.HK)'s G9, Zeekr (ZK.US)'s 7X, AITO M7, Audi Q5, BMW X3, and Mercedes-Benz GLC.

UBS expected Xiaomi to become a key customer for suppliers and believed investor concerns about the impact on automotive suppliers' profitability are overdone. In Xiaomi's supply chain, UBS was optimistic about TUOPU GROUP (601689.SH) and DESAY SV (002920.SZ).

Under the base case, UBS assumed Xiaomi YU7 sales will whop 85,000 and 430,000 units in 2025 and 2026, respectively; 30%, 15%, and 15% of YU7 sales will stem from customers who may have originally chosen Tesla Model Y, Li Auto L6, and AITO M7; the NPM of Xiaomi YU7 orders is 2% lower than the overall NPM of auto parts companies.
~


AASTOCKS Financial News
Website: www.aastocks.com

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Stock & Type	Code	Strike(Call Level)	Last	Effective Gearing
XIAOMI (C)	15358	68.05 (-)	0.087	5.0 X
XIAOMI (C)	15359	63.93 (-)	0.099	5.1 X
XIAOMI (C)	14470	61 (-)	0.103	5.4 X
XIAOMI (C)	14839	55.05 (-)	0.102	7.1 X
XIAOMI (P)	14219	46.45 (-)	0.077	3.3 X
XIAOMI (P)	16080	38.53 (-)	0.039	3.6 X
XIAOMI (Bull)	54565	55.1 (55.5)	0.027	21.2 X
XIAOMI (Bull)	69255	53.1 (53.5)	0.049	11.7 X
XIAOMI (Bear)	57008	63.9 (63.5)	0.055	10.4 X
XIAOMI (Bear)	54560	61.2 (60.8)	0.033	17.4 X
LI (C)	17186	138.98 (-)	0.151	3.4 X
LI (Bull)	57197	89.4 (93.4)	0.053	4.3 X
LI (Bull)	55164	80.9 (84.9)	0.070	3.2 X
LI (Bear)	54688	144 (140)	0.058	3.9 X
XPENG (Bull)	63561	60.5 (62)	0.112	6.3 X
TSLA (C)	10688	420 (-)	0.340	4.5 X
TSLA (C)	10591	300 (-)	0.570	5.1 X
TSLA (P)	10692	280 (-)	0.520	2.9 X
TSLA (P)	10604	190 (-)	0.051	5.6 X