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]

3月28日晚，小米汽车的第一款车小米SU7上市，公众最为关心的价格也同时公布：总计分3款配置，售价分别为21.59万元、24.59万元和29.99万元。这个价格和此前市场预计的20万-30万元的价格区间相符，入门款价格大致符合预期，而最高配的价格则比预期稍低，没有超过30万元关口。 雷军在发布会后的采访中表示，入门款原计划的价格是22.9万元，在发布会前一天才敲定最终价格，就是要比特斯拉Model3便宜3万元，而顶配车型原计划定价是35万元，后来在市场压力下调到了现在的价位，而现在这个价格是亏钱的。 从小米汽车亮相到发布会之前，小米一直在用“有点贵”进行小米汽车的价格预期管理，而最终售价和市场上的相似竞品车型大致相当，特别是高配车型，显著低于预期，这成功激发了消费者的订购热情。 根据小米汽车官方微博发布的数据，4分钟订单破万，7分钟破两万，27分钟破五万，大幅度刷新了新车订单纪录，火爆的订单代表小米汽车已经迈出了成功的第一步。小米汽车在上市发布前的答卷几乎是完美的，营销水平超越所有车企同行，包括蔚来、小鹏、理想这些深谙互联网营销之道的先行者，让市场见识到了顶级互联网大佬做汽车营销的威力。 订单火爆之后，小米汽 ...

Core Insights - Xiaomi Auto has announced the selection of 10 cities for the establishment of sales and service outlets based on user feedback from 20 candidate cities and its store layout strategy [1] Group 1 - The selected cities for new store openings include Jinan, Changzhou, Nantong, Jinhua, Nanning, Changchun, Guiyang, Zhuhai, Quanzhou, and Xiantao [1] - These 10 cities are expected to open their outlets within the current year, with plans for further expansion into additional cities in the future [1] - The chairman of Xiaomi Group, Lei Jun, hails from Xiantao, Hubei Province, which is one of the selected cities [1]

Core Insights - Xiaomi's SU7 has achieved over 88,898 pre-orders within 24 hours of its launch, indicating strong market demand [1] - The company has extended the deposit refund period to 7 days to enhance customer experience and allow for more test drive opportunities [3] Group 1: Pre-order and Refund Policy - The standard deposit refund period in the industry is typically 1-3 days, but Xiaomi has extended it to 7 days for the SU7 to accommodate high demand for test drives [3] - Customers can lock their configurations, but once locked, the deposit becomes non-refundable [5] - As of March 29, Xiaomi's customer service received 469 inquiries regarding order cancellations and configuration changes [5] Group 2: Production and Delivery - The first deliveries of the SU7 will begin on April 3 for the founder's edition, with other versions starting deliveries at the end of April and May [7] - Xiaomi is actively working to increase production capacity to meet the high demand for the SU7 [7] Group 3: Financial Services and Promotions - Customers who order the SU7 before June 30, 2024, can benefit from a financing plan with a minimum interest rate of 2.5% and a minimum down payment of 15% [8] - The purchase rights package is only available for orders placed before April 30 [11] Group 4: Vehicle Features and Performance - The SU7 has been designed for low energy consumption, with the standard version achieving a minimum energy consumption of 12.3 kWh/100 km [13] - In real-world testing, the SU7 Max demonstrated a range of 643 km under high-speed conditions, maintaining an impressive energy retention rate of nearly 80% [14]

21.59 万元起，小米汽车 SU7 正式发布 3 月 28 日，小米首款汽车小米汽车 SU7 正式发布并上市，新车定位于「C 级高性能生态科技轿车」，提供双电机版本和单电机版本车型选择，并提供容量为 73.6 千瓦时以及 101 千瓦时电池可选，售价 21.59 万元-29.99 万元。 小米汽车 SU7 提供三款车型，标准版搭载单电机、5.28s 零百加速、CLTC 续航 700 公里、19 寸米其林轮胎、73.6kWh 磷酸铁锂刀片电池、15 分钟补能 350km、Xiaomi Pilot Pro 纯视觉智驾终生免费、小米澎湃智能座舱，售价 21.59 万元。 小米 SU7 Pro 版在标准版基础上增加了 20.7kWh 电池、激光雷达、小米智驾 Max 城市 NOA，售价 24.59 万元。 小米 SU7 Max 版搭载双电机，拥有 2.78s 零百加速、265km/h 最高时速、800km CLTC 续航、101kWh 麒麟电池三元锂、15 分钟补能 510km、Xiaomi Pilot Max、小米澎湃智能座舱，售价 29.99 万元。 据了解，小米 SU7 上市 27 分钟，大定 50000 ...

每经记者 赵云    每经编辑 肖芮冬     3月29日，市场全天震荡反弹，三大指数均收涨。 板块方面，黄金概念、油气、5.5G、小米汽车等板块涨幅居前，Sora概念、房地产、算力、手机游戏等板块跌幅居前。  全市场超3800只个股上涨。沪深两市成交额8586亿，较上个交易日缩量736亿。 下面一起来看截至今天收盘，主动公募基金在本周、本月和整个一季度的表现。 （注：榜单仅选取灵活配置型、偏股混合型和普通股票型三类产品作为主动基金的代表，纳入统计；同时在单日榜单中剔除按周披露净值的定开型基金表现） 先说看点： 一，整个一季度表现最好的产品，累计涨幅略低于本月表现最好产品的涨幅，说明前面两个月确实有个爬坑的过程； 二，本月表现最差的产品仅下跌不到9%，但本周垫底产品跌幅超过10%； 三，今日领涨基金和本周领涨基金重合度较高。 下面是各个时段的涨跌幅榜TOP20。 1.单日涨跌幅榜 2.本周涨跌幅榜 3.本月涨跌幅榜 4.一季度涨跌幅榜 ...

Core Viewpoint - Xiaomi Auto has clarified its policy regarding non-refundable deposits for the SU7 model, stating that deposits can be refunded within 7 days unless the configuration is locked, which makes the deposit non-refundable [1] Group 1 - Xiaomi Auto received a total of 469 requests related to order cancellations and configuration changes as of March 29 at noon [1] - The purchasing process in the Xiaomi Auto app includes three prompts regarding the non-refundable nature of the deposit once the configuration is locked [1] - A pop-up notification appears during the final "lock configuration" step to inform users that the deposit will become non-refundable [1]

Core Viewpoint - OPPO has officially launched the Find X7 Ultra Satellite Communication Edition at a price of 7499 yuan, introducing dual-mode satellite calling capabilities, marking a significant advancement in smartphone communication technology [1][4][6]. Pricing Summary - The OPPO Find X7 Ultra Satellite Communication Edition is priced at 7499 yuan for the 16GB + 1TB version, with previous models priced at 5999 yuan for 12GB + 256GB, 6499 yuan for 16GB + 256GB, and 6999 yuan for 16GB + 512GB [4][20]. - Compared to its competitors, the Xiaomi 14 Ultra is priced at 7799 yuan and the Honor Magic 6 Ultimate Edition at 7699 yuan, giving OPPO a pricing advantage of 300 yuan and 200 yuan respectively [20]. Satellite Communication Technology - The OPPO Find X7 Ultra is the only smartphone currently supporting dual-mode, two-way satellite communication, enhancing user experience in extreme environments [6]. - Honor's Magic 6 Ultimate Edition emphasizes a smaller size, faster connection, and lower power consumption in satellite communication technology, showcasing its technical capabilities [9][11]. - Xiaomi 14 Ultra features self-developed signal enhancement chips, improving satellite communication performance by 21% compared to competitors, with faster star-seeking and connection speeds [13][15]. Imaging Capabilities - The OPPO Find X7 Ultra boasts a dual-periscope camera system, supporting 6X portrait mode and high-resolution RAW MAX format files, making it a strong contender in photography [8][20]. - Honor Magic 6 Ultimate Edition introduces advanced focusing technology and a dynamic range that surpasses human vision, pushing industry standards higher [12][20]. - Xiaomi 14 Ultra offers a comprehensive imaging system with full focal length coverage and enhanced AI capabilities for photography [17][19]. AI Features - OPPO Find X7 Ultra is the first smartphone to implement a 70 billion parameter large language model, providing innovative AI functionalities for education and interview preparation [8][20]. - Honor Magic 6 Ultimate Edition emphasizes user interaction through intent recognition and advanced AI features for seamless operation [12]. - Xiaomi 14 Ultra integrates AI capabilities across its ecosystem, enhancing user experience through interconnected devices [19].

不夸张地说，整个三月份，乃至一季度，车圈最大的新闻莫过于小米汽车“交作业”。 昨日晚间（3月28日），造车3年的“雷布斯”终于带着满满的自信，出现在了小米首款车SU7的发布会上。他不仅对SU7的性能、价格进行了全方位解读，更多次喊出“遥遥领先”，成功引燃全场观众的情绪。 果然，小米汽车众望所归，SU7上市仅4分钟，大定订单就破万；27分钟后，大定订单突破5万个。 当行业惊呼，“小米汽车半小时卖出其他工厂一年的产能”的时候，柒财经注意到，小米汽车金融业务也已在风口上“伺机而动”。 考虑到小米已拿下小贷、消金、征信、第三方支付、保险、保理、融资租赁等牌照，雷军隐秘的“金融帝国”可谓已形成闭环。 01 首付三种方案，小米汽车金融业务“下场” 21.59万元！经过“传言和谣言”的反复拉扯，小米首款车最后的悬念被彻底清空。 对比Model Y起定价为24.59万，SU7配置远超前者，对比蔚来、小鹏、理想，SU7的测评效果也可圈可点，这让大众感受到物超所值，很接地气。 早在2021年11月，小米副总裁林世伟在接受采访时表示，小米将布局汽车金融产业，而这未来也将是集团一个很大的业务板块，涵盖汽车金融、汽车保险、汽车供应链 ...