机构：麦格理

　　评级：买入

　　目标价：30港元

　　Key points

　　Xiaomi announced they split four business units (BUs) to ten BUs for motivating internal talent and aim to set up stronger operating mechanisms. 

　　We are positive about this proactive review and organization fine-tuning, aimed at enhancing morale and driving internet services with specific teams. 

　　We see Xiaomi’s determination in developing internet services, with five new BUs focused on different parts: e-commerce, MIUI, APPs, etc.  

　　Price catalyst 

　　12-month price target: HK$30.00 based on a PER method (35x 2018E PE). 

　　Catalyst: 3Q18 results 

　　Action and recommendation 

　　Maintain Outperform.