千亿研发迎来收获期，小米的价值重估才刚开始

Core Viewpoint - Xiaomi has demonstrated remarkable growth in the second quarter, achieving record highs in revenue and adjusted net profit despite a challenging smartphone market, indicating a significant transformation in the company's business model and strategy [1][2][4]. Financial Performance - In Q2, Xiaomi's total revenue reached 1160 billion, a year-on-year increase of 30.5%, while net profit was 119 billion, up 134.2%. Adjusted net profit was 108 billion, reflecting a 75.4% increase [5]. - Xiaomi has achieved three consecutive quarters of revenue exceeding 100 billion and five consecutive quarters of revenue growth over 30% [5][9]. Strategic Initiatives - The "Human-Vehicle-Home Ecosystem" strategy has enhanced Xiaomi's resilience and internal growth momentum, contributing to its strong financial performance [5][9]. - Xiaomi's smartphone business has solidified its position in the high-end market, with a 27.6% share of high-end smartphone sales in mainland China, an increase of 5.5 percentage points year-on-year [5][6]. Product Performance - The IoT and consumer products segment saw a 44.7% year-on-year revenue growth, driven by smart home appliances, with air conditioning sales exceeding 5.4 million units, a growth of over 60% [6][11]. - The automotive sector reported a staggering 230.3% year-on-year increase in revenue, reaching 206 billion, with a gross margin of 26.4%, surpassing leading brands like Tesla [6][9]. Future Outlook - Xiaomi aims to enter the "2 million club" within three to five years, positioning itself alongside Apple and Samsung [6]. - The company plans to invest 300 billion in R&D this year, with a total of 1020 billion invested over the past five years, focusing on core technologies [11][13]. - Xiaomi is preparing to expand its automotive business into overseas markets, with a target to enter Europe by 2027 [15]. Market Perception - Analysts view Xiaomi's explosive growth in the electric vehicle sector as a potential catalyst for stock price increases, with Morgan Stanley maintaining an "overweight" rating and a target price of 62 HKD, indicating significant upside potential [15].