Core Points - The core issue revolves around a significant error made by Zhiji during the launch of the Zhiji L6, where they incorrectly labeled the motor parameters of the Xiaomi SU7 Max, leading to a public dispute between the two companies [1][4]. Group 1: Company Statements - Xiaomi stated that the Xiaomi SU7 Max features silicon carbide (SiC) motors both front and rear, ensuring excellent performance and range [1][4]. - Xiaomi criticized Zhiji for the error, questioning whether it was due to a lack of professional capability or intentional misinformation, and emphasized the importance of accurate information for consumer rights [1][4]. - Xiaomi expressed respect for SAIC Group but found Zhiji's actions incompatible with the group's reputation, indicating a lack of understanding from a peer perspective [1][4]. Group 2: Legal and Competitive Stance - Xiaomi welcomed healthy competition but strongly opposed the distortion of facts and misinformation, stating they are prepared to use legal means to protect their rights [1][4][6]. - Xiaomi demanded that Zhiji publicly clarify the misinformation and formally apologize to the misled public [1][4][6]. Group 3: Apology and Response - Zhiji's co-CEO acknowledged the error in a personal statement, apologizing for the misinformation regarding the Xiaomi SU7 Max [2][5]. - However, Xiaomi rejected this informal apology, insisting on a formal public clarification and apology from Zhiji [2][4]. - Zhiji later issued an official apology, clarifying that both the Xiaomi SU7 Max and Zhiji L6 utilize SiC technology, and expressed respect for Xiaomi as a competitor [7].

Group 1 - Zhiji Auto issued an apology to Xiaomi Auto for a misrepresentation of product specifications during the launch of the Zhiji L6, clarifying that both the Xiaomi SU7 Max and Zhiji L6 utilize top-tier SIC silicon carbide modules [1] - Mao Geping Cosmetics Co., Ltd. submitted an IPO application to the Hong Kong Stock Exchange, with total revenue increasing from RMB 1.577 billion in 2021 to RMB 2.886 billion in 2023, reflecting a compound annual growth rate (CAGR) of 35.3% [2] - The price of gold jewelry in China has reached a high of RMB 728 per gram, following a surge in international gold prices, which hit a record high of USD 2,343.5 per ounce [3] Group 2 - Former Xiaopeng Motors executive Liao Qinghong has joined Xingji Meizu, bringing extensive experience from his previous roles [4] - Apple has filed a lawsuit against former employee Andrew Aude for leaking sensitive information, including details about unreleased products, seeking over USD 25,000 in damages [5] - A series of medical startups associated with Southeast University have recently completed significant funding rounds, indicating a growing trend of investment in healthcare innovation [6] Group 3 - Over 20 medical innovation projects have been acquired or invested in by listed companies in the past six months, signaling a renewed interest in mergers and acquisitions within the sector [7] - The application of large models in AI has spurred growth in the digital human sector, with new businesses emerging to capitalize on this trend [8] - Beijing Zhiling Haina Technology Co., Ltd. has received approval for its IPO application, marking a significant milestone for the company [9]

Core Viewpoint - The launch of the Zhiji L6 marks a significant advancement in the high-end electric vehicle market, positioning it as a strong competitor against models like Xiaomi's SU 7 and Tesla's Model 3, while also playing a crucial role in SAIC Group's strategic shift towards new energy vehicles [1][4]. Group 1: Product Features - The Zhiji L6 incorporates advanced technologies from SAIC Group, including the Lingxi digital chassis and the first-generation solid-state battery, showcasing a commitment to innovation in the electric vehicle sector [1][4]. - The Lingxi digital chassis is designed to manage the vehicle's motion with a processing speed 2.5 times faster than mainstream chips, capable of handling nearly 2 billion instructions per second, enhancing the vehicle's dynamic performance [4]. - The Zhiji L6 is the first sedan in China capable of "crab walking," reducing the required parking space by 11% and achieving a speed of 71 km/h in the industry's first autonomous moose test [4]. Group 2: Battery and Charging Technology - The Zhiji L6 features the "first-generation solid-state battery," which is claimed to provide over 1000 kilometers of range and can add 400 kilometers of range with just 12 minutes of charging [4]. - There are concerns regarding the manufacturing costs and production capacity of the new battery technology, which may limit initial delivery numbers [4]. Group 3: Intelligent Features - The vehicle is equipped with NVIDIA OrinX and Qualcomm Snapdragon 8295 chips, enabling advanced smart driving capabilities, including "no-map city NOA" functionality expected to be available nationwide within the year [4]. - The L6 includes DZT virtual-physical space dynamic area tracking technology, enhancing safety by providing real-time tracking and highlighting of traffic hazards [4]. Group 4: Pricing and Market Position - The Zhiji L6 is offered in three versions, with prices ranging from under 230,000 yuan for the standard version to under 330,000 yuan for the high-performance version [4]. - The introduction of the L6 is seen as a critical move for Zhiji to boost sales and strengthen SAIC Group's position in the competitive new energy vehicle market [4].

Core Viewpoint - Xiaomi's stock price surged over 16%, reaching a two-year high, with a market capitalization exceeding HKD 400 billion, driven by better-than-expected orders for its new electric vehicle, the SU7 [1][4]. Group 1: Stock Performance - Xiaomi's stock closed at HKD 16.28 per share, with an increase of 8.97%, resulting in a market value of HKD 406.18 billion [1]. - The stock experienced a trading volume of 540 million shares, with a price range between HKD 16.20 and HKD 17.34 [2]. Group 2: Market Sentiment and Analyst Predictions - Goldman Sachs raised its target price for Xiaomi from HKD 18.9 to HKD 20, citing record pre-orders for the SU7, which reached 89,000 units within 24 hours [5]. - Morgan Stanley and domestic brokerages expressed optimism about Xiaomi's electric vehicle business, with expectations of exceeding initial sales forecasts [5]. Group 3: Product Launch and Market Impact - The launch of the SU7 is compared to the introduction of the iPhone, with significant market interest and potential to disrupt the automotive industry [6][7]. - The first delivery ceremony for the SU7 is scheduled to take place at Xiaomi's factory in Beijing, with 28 delivery centers opening nationwide [9].

海 外 研 证券研究报告 究 ＃industryId＃ 硬件科技 ＃investSuggestion＃ ＃ ＃ 01810.HK ＃小dy米Com集pa团ny＃ -W 港股通 买入 (维持） ＃title＃ 手机高端化奏效，新车预订表现强劲 ＃createTime1＃ 2024年4月 2日 公 投资要点 ＃marketData＃ 司 市场数据 ＃summary＃  23Q4概况：业绩延续复苏趋势，盈利能力改善。公司23Q4营收732亿元（人民币， 点 日期 2024/4/1 下同；YoY+10.9%,QoQ+3.3%），按分部拆分，公司智能手机业务23Q4收入442亿 评 收盘价（港元） 14.94 元（YoY+20.6%,QoQ+6.2%），IoT 与生活消费产品业务收入 203 亿元 总股本（百万股） 24,949 （YoY-5.1%,QoQ-1.6%），互联网业务收入79亿元（YoY+9.9%,QoQ+1.6%），调整 报 流通股本（百万股） 16,223 后净利润 49 亿元（YoY+236.1%，QoQ-18.0%）。公司 2023 年营收 2,710 亿元 告 （YoY-3.2%），调整后净利润 ...

小[T米abl集e_S团toc -k WNam（eR 0p 1tT 8yp 1e 0] ） 公司研究/港股点评 SU7 大定超出预期，人车家全生态正式闭环 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-03 ⚫[ TQa4b2le3_业Su绩m：ma利ry润] 侧大超预期，践行规模与利润并重 1)23Q4:小米集团23年第四季度营收为732亿元，同比增长10.9%； [收Ta盘bl价e_（Ba港se元D）at a] 16.28 净利润为47亿元，同比增长50.3%；经调整净利润为49亿元，同比增 近12个月最高/最低（港元） 16.28/9.86 总股本（百万股） 24,949 长236.1%。2)2023年全年:小米营收为2710亿元，同比下滑3.2%。 流通股本（百万股） 20,412 净利润175亿元，同比增长598.3%；调整净利润193亿元，同比增长 流通股比例（%） 81.81 126.3%。本年度小米智能汽车等创新业务费用增长至67亿元，其中， 总市值（亿港元） 4,062 第四季度为24亿元。 流通市值（亿港元） 3,323 利润测:小米2023年全 ...

证券研究报告·海外公司点评·资讯科技器材(HS) 小米集团-W（01810.HK） 发布小米 SU7：“人车家”生态完成闭环，协 2024 年 04月 01日 同效应值得期待 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 280,044 270,970 310,777 344,039 334,074 执业证书：S0600123070070 同比 -14.78% -3.24% 14.69% 10.70% -2.90% libw@dwzq.com.cn 归母净利润（百万元） 2,474 17,475 15,938 18,905 21,169 同比 -87.21% 606.34% -8.79% 18.61% 11.98% 股价走势 EPS-最新摊薄（元/股） 0.10 0.70 0.64 0.76 0.85 小米集团-W 恒生指数 P/E（现价&最新摊薄） 150.66 2 ...

Investment Rating - The report maintains a "BUY" rating for Xiaomi with a new SOTP-based target price of HK$22.19, reflecting a 49% upside from the current price of HK$14.94 [1][15]. Core Insights - Xiaomi's SU7 Series electric sedans launched on March 28, 2024, with competitive pricing and strong initial pre-orders, indicating positive market reception. The pre-orders reached 50,000 units in the first 27 minutes and 89,000 units within 24 hours, surpassing market expectations [1][2]. - The report highlights Xiaomi's unique "Human-car-home" ecosystem as a major competitive advantage over other EV brands, which is expected to drive future growth [1][2]. - Adjustments to revenue forecasts reflect expected EV shipments of 80,000, 150,000, and 200,000 units for FY24, FY25, and FY26, respectively [1][2]. Financial Summary - Revenue for FY24 is projected at RMB 321,495 million, with a year-on-year growth of 18.6%. The adjusted net profit is estimated at RMB 17,321 million, reflecting a decline of 10.1% year-on-year [4][10]. - The report indicates a gross margin of 19.0% for FY24, with an operating margin of 4.8% and an adjusted net margin of 5.4% [10][11]. - The earnings per share (EPS) for FY24 is projected at RMB 0.70, with subsequent years showing gradual increases [4][10]. Valuation Methodology - The valuation is based on a sum-of-the-parts (SOTP) approach, assigning different price-to-earnings (P/E) multiples to Xiaomi's various business segments: 13x for smartphones, 10x for AIoT, and 15x for internet services. The EV business is valued at 0.75x FY25E price-to-sales (P/S) [15][16]. - The total valuation for Xiaomi is estimated at RMB 508,115 million, leading to a target price of HK$22.19 [16].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3] Core Views - Xiaomi Group's Q4 2023 adjusted net profit exceeded expectations, with revenue reaching 73.2 billion yuan, a year-on-year increase of 11%. The adjusted net profit for Q4 was 4.9 billion yuan, a significant year-on-year increase of 236% [1] - The company is focusing on its automotive segment, with impressive pre-orders for its newly launched cars, indicating strong market interest and potential for future revenue growth [1] - The strategic upgrade to a "full ecosystem" approach aims to enhance user experience and profitability through IoT products and value-added services [1] Financial Summary - For the full year 2023, Xiaomi Group reported total revenue of 271 billion yuan, a year-on-year decrease of 3.2%, while adjusted net profit was 19.3 billion yuan, a year-on-year increase of 126% [2][9] - The smartphone segment showed signs of recovery, with Q4 2023 smartphone shipments reaching approximately 40.5 million units, a year-on-year increase of 24% [1] - The report forecasts revenue growth for 2024-2026, estimating revenues of 320 billion yuan, 366.4 billion yuan, and 415.9 billion yuan respectively, with corresponding year-on-year growth rates of 18%, 14%, and 13% [1][2]

Group 1 - Xiaomi's automotive division has generated significant public interest, with unprecedented foot traffic in its offline stores, surpassing that of competitors like Huawei [1] - The company has positioned its SU7 model as a strong competitor in the electric vehicle market, claiming it has no rivals under 500,000 yuan [4] - A recent incident involving a test drive of the SU7 resulted in a crash, leading to discussions about the vehicle's safety features and performance [6][14] Group 2 - There have been complaints from consumers regarding the inability to refund a 5,000 yuan deposit, which contradicts Xiaomi's stated policy of a 7-day no-reason refund [23][24] - Xiaomi clarified that once a configuration is locked, the deposit becomes non-refundable, which has caused confusion among customers due to ambiguous messaging in their app [27][28] - Despite the controversies, Xiaomi's pre-order numbers for the SU7 were impressive, with 88,898 units reserved within 24 hours, setting a record for the Chinese automotive market [29][30]