机构：中银国际 Domestic OEMs competition; Geopolitical conflict and trade war; Componentprice increase; Tax dispute in India; Unsatisfactory smart driving progress andEV capacity ramp up. Valuation We fine tune our model to reflect further BOM pressure of smartphone. As aresult, we cut 2026/27E adj. EPS by 2%/1%. We use 22x 2026E P/E to derive Xiaomi's traditional business value of HK$40.7per share. Together with HK$30.44 TP for EV business, our new SOTP TP ofXiaomi is unchanged at HK$71.14. Reiterate BUY. Smart E ...