UOB Kay Hian has released a research report stating that the SKYNOMAD series under Xiaomi Group-W (01810) has secured more than 70,000 locked orders in its first month on the market, with demand concentrated in higher-end models such as the N70 Max and N90 Max, resulting in a product mix better than the firm had previously anticipated.

The firm maintains a "Hold" rating and has raised its target price from HK$26.2 to HK$27.6.

The firm noted that Xiaomi delivered over 40,000 electric vehicles in September, including approximately 30,000 SU7 and YU7 units as well as more than 10,000 SKYNOMAD units, bringing year-to-date deliveries to just over 286,000 vehicles. The firm expects SKYNOMAD deliveries to exceed 50,000 units in the fourth quarter, with older models contributing around 90,000 units, and full-year deliveries are still expected to reach the firm's target of 430,000 vehicles.