Core Viewpoint - Xiaomi is positioning itself as a strong competitor to Apple's iPhone by launching the new Xiaomi 15S Pro, which features an advanced chip and a lower price point compared to Apple's latest models [1][2]. Pricing Strategy - The Xiaomi 15S Pro starts at 5,499 yuan ($764), making it eligible for state-subsidized discounts, while the iPhone 16 Pro starts at 7,999 yuan and the iPhone Pro Max at 9,999 yuan, both above the 6,000 yuan threshold for discounts [2]. Technological Advancements - Xiaomi's CEO Lei Jun claims that the new Xring O1 chip outperforms Apple's A18 Pro in several technical aspects, including lower heat generation during gaming [3][4]. - The Xring O1 chip is in mass production, and Xiaomi plans to invest at least 50 billion yuan ($6.9 billion) over the next decade in its chip development [6]. Research and Development Investment - Xiaomi will allocate 200 billion yuan for research and development over the next five years, starting in 2026, and anticipates a 30% revenue growth this year [5]. Automotive Ventures - Xiaomi's first electric car, the SU7, was launched at a price $4,000 lower than Tesla's Model 3, and the company plans to release its first SUV, the YU7, in July [7][8]. - The company delivered over 28,000 vehicles in April, a slight decrease from the previous month, following a tragic accident involving one of its vehicles [9]. Financial Performance - Xiaomi is set to release its first-quarter results on May 27, after reporting record revenue and net profit for 2024 in March, with nearly 42% of total revenue coming from overseas markets [10].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The upcoming product launch will feature the SoC chip "Xuanjie o1," making the company the fourth globally to release a self-developed 3nm mobile chip, following Apple, Qualcomm, and MediaTek. The company has invested over 13.5 billion RMB in R&D for this chip as of April 2025, with a projected investment of over 6 billion RMB for the year [1][2] - The launch of the Xiaomi 15S Pro, equipped with the Xuanjie o1 chip, is expected to enhance product competitiveness in the AI era, similar to the differentiation seen in Apple and Huawei products that utilize self-developed chips and operating systems [1] - The YU7 launch is anticipated to generate significant pre-orders, with expectations of over 150,000 orders within 24 hours, given the SUV market's larger size compared to the sedan market [1] - Revenue forecasts for 2025-2027 are projected at 481.84 billion RMB, 636.48 billion RMB, and 716.47 billion RMB, with year-on-year growth rates of 31.7%, 32.1%, and 12.6% respectively. Adjusted net profits are expected to be 41.64 billion RMB, 61.34 billion RMB, and 65.60 billion RMB, with growth rates of 52.9%, 47.3%, and 6.9% [1][2] - The company is valued at a reasonable market capitalization of 1.46 trillion HKD, with a target price of 56.28 HKD per share, based on a 20x PE for its main business and a 3x PS for its smart vehicle segment [1] Financial Summary - The company's projected revenue for 2025 is 481.84 billion RMB, with a year-on-year growth of 32%. The adjusted net profit for the same year is expected to be 32.20 billion RMB, reflecting a growth of 36% [2][7] - The earnings per share (EPS) for 2025 is estimated at 1.24 RMB, with a P/E ratio of 40.59 [2][7] - The total assets are projected to reach 494.41 billion RMB by 2025, with total liabilities of 233.50 billion RMB, resulting in a debt-to-equity ratio of 47.23% [7]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [2] Core Insights - Xiaomi will unveil its self-developed 3nm SoC chip, "Xuanjie o1," becoming the fourth company globally to do so, following Apple, Qualcomm, and MediaTek. The company has invested over 13.5 billion RMB in R&D for this chip as of April 2025, with a projected investment of over 6 billion RMB for the year [1] - The launch of the Xiaomi 15S Pro, equipped with the Xuanjie o1 chip, is expected to enhance product competitiveness in the AI era, similar to the differentiation seen in Apple and Huawei products that utilize self-developed chips and operating systems [1] - The upcoming YU7 model is anticipated to generate significant pre-orders, potentially exceeding 150,000 units within 24 hours, given the SUV market's larger scale compared to sedans [1] Financial Forecasts - Projected revenues for Xiaomi from 2025 to 2027 are 481.84 billion RMB, 636.48 billion RMB, and 716.47 billion RMB, with year-on-year growth rates of 31.7%, 32.1%, and 12.6% respectively [1] - Adjusted net profits for the same period are forecasted at 41.64 billion RMB, 61.34 billion RMB, and 65.60 billion RMB, with growth rates of 52.9%, 47.3%, and 6.9% respectively [1] - The report assigns a valuation of 1.46 trillion HKD to the company, with a target price of 56.28 HKD per share, based on a 20x PE for its main business and a 3x PS for its smart vehicle segment [1]

Group 1 - Xiaomi will hold a strategic new product launch event at 7 PM, introducing the new SoC chip "Xuanjie O1," flagship smartphone Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and the first SUV model Xiaomi YU7 [1] - The "Xuanjie O1" chip is a major highlight of the event, with over 13.5 billion RMB invested in R&D and a team of over 2,500 people dedicated to its development [1][2] - The YU7 SUV is positioned as a mid-to-large pure electric SUV with a length close to 5 meters and a wheelbase of 3000 mm, featuring a maximum range of 820 km and 800V fast charging capabilities [2] Group 2 - The "Xuanjie O1" chip utilizes a second-generation 3nm process with 19 billion transistors, featuring an "1+3+4" octa-core design and performance metrics that rival Snapdragon 8 Gen 3 [2] - The chip achieved an AnTuTu score of over 1.92 million and has AI computing power of 40 TOPS, with Geekbench 6 scores of 3119 for single-core and 9673 for multi-core performance [2] - The YU7 SUV enhances connectivity with Xiaomi's ecosystem, supporting features like UWB keyless entry and integration with smart home devices [2]

Core Viewpoint - Qualcomm and Xiaomi have signed a new multi-year cooperation agreement, celebrating 15 years of partnership, which will see Xiaomi's flagship smartphones continue to use the Snapdragon 8 series mobile platform [1] Group 1 - The new agreement will cover multiple product generations of Xiaomi's flagship smartphones [1] - Xiaomi will be one of the first manufacturers to adopt the next-generation Snapdragon 8 series flagship mobile platform later this year [1] - The collaboration will extend to both the Chinese and global markets for Xiaomi's products [1]

Core Viewpoint - Xiaomi Group's stock price increased by 4.6% in after-hours trading following the announcement that its self-developed 3-nanometer chip has begun mass production [1] Company Summary - Xiaomi Group has successfully initiated mass production of its 3-nanometer chip, which is a significant technological advancement for the company [1] - The increase in stock price reflects positive market sentiment and investor confidence in Xiaomi's technological capabilities and future growth potential [1] Industry Summary - The development of 3-nanometer chips is a critical milestone in the semiconductor industry, indicating advancements in processing power and energy efficiency [1] - The successful mass production of such chips may position Xiaomi favorably against competitors in the tech industry, particularly in the smartphone and electronics sectors [1]

智通财经5月20日电，小米集团董事长雷军微博称，小米玄戒O1，小米自主研发设计的3nm旗舰芯片， 已开始大规模量产。 ...

机构：天风证券 研究员：孔蓉/孙潇雅/潘暕 小米首次发布手机SoC，跻身全球头部手机硬件厂商：从松果、澎湃到玄戒，小米自从2014 年对芯片业 务首次进行投入后，终于在2025 年迎来历史性时刻，小米自主研发设计的手机 SoC 芯片玄戒 O1 即将 在 5 月下旬发布。 目前小米是国内唯二两家具备自研芯片能力的手机厂商。 为何小米要坚持自研芯片？手机SoC 是为移动终端服务的定制化技术，其投入的资金和人才需求远高于 智能手机行业，此前手机厂商在芯片领域面临的技术和商业模式问题相对较大。而小米芯片团队吸收此 前经验，归属手机部旗下，在商业模式上吸取前期松果团队经验。 我们认为此次小米造芯，核心业务企稳和汽车业务第二曲线为芯片提供了充分的支持条件；另一方面， 国内手机高端市场价格带（6000 元以上）依然是小米需要攻克的市场，此前小米已在可穿戴产品上验 证硬件底层框架重构和系统策略优化后的续航提升。 旗舰SOC 芯片对小米的意义是什么？首先我们认为旗舰SOC 芯片手机发布是一次用户破圈，而对芯 片、AI、OS 等底层技术的长期耐心投入，使得小米作为科技消费品公司逐步拥有一定护城河，在手机 市场竞争中，自研芯片带来 ...

每经编辑：毕陆名 美东时间周一（5月19日），美股三大指数小幅收涨。截至收盘，道指涨0.32%，纳指涨0.02%，标普500指数涨 0.09%。 医药、贵金属板块涨幅居前，诺瓦瓦克斯医药涨超15%，联合健康涨超8%，Moderna涨超6%，美国黄金公司涨超 5%，埃氏金业、金田、吉利德科学、渤健公司涨超3%。太阳能、汽车制造、油气板块跌幅居前，第一太阳能跌超 7%，墨菲石油跌超2%。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.17%，哔哩哔哩跌近5%，小鹏汽车跌超3%，理想汽车、蔚来跌超 1%。 富时A50期指连续夜盘收涨0.30%，报13596点。 恒指期货夜盘收涨0.47%，报23378点，高水45点。 商品方面，WTI原油期货收报62.69美元/桶，上涨0.2美元，涨幅0.32%；布伦特原油期货收报65.54美元/桶，上涨0.13 美元，涨幅0.2%。 周一纽约尾盘，现货黄金涨0.88%，报3231.90美元/盎司。 COMEX黄金期货涨1.38%，报3231.30美元/盎司。 现货白银涨0.21%，报32.3629美元/盎司。 COMEX白银期货涨0.40%，报32.485美元/盎司。 周一纽约 ...

Core Insights - Xiaomi is set to launch its self-developed smartphone SoC, XRING 01, in late May 2025, as announced by CEO Lei Jun [1][3] - The company plans to invest at least 50 billion yuan ($6.9 billion) over the next 10 years to develop its own chips, starting from 2025 [1][3] - This initiative is part of a broader trend among Chinese firms to enhance home-grown technology amid ongoing trade tensions with the U.S. [2] Investment and Development - The 50 billion yuan investment will focus on semiconductor development, reflecting Xiaomi's commitment to self-sufficiency in technology [1][3] - The XRING 01 SoC will utilize a 3 nanometer manufacturing process, which is among the most advanced available, comparable to Apple's A18 Pro chips [3] Technology Overview - A system-on-chip (SoC) integrates various components necessary for device operation, such as memory and wireless connectivity [4]