汽车行业点评报告：小米汽车二期工厂部分地基已建成，或再掷超2亿元拿地扩产

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, indicating an expected performance exceeding 10% relative to the benchmark index [11]. Core Insights - Xiaomi's second-phase factory construction is progressing smoothly, with the foundation work completed, and the overall production capacity is expected to exceed initial forecasts [5][6]. - The company has acquired land for expansion, with a recent purchase of a 531,000 square meter plot for 840 million yuan, indicating strong growth potential in the electric vehicle sector [5][6]. - Upcoming vehicle models include the Xiaomi SU7 Ultra and a new pure electric SUV, MX11, set to launch in 2025, along with an extended-range SUV, N3, in 2026, highlighting the urgency for production capacity expansion [5][6]. Summary by Sections Industry Performance - The automotive sector has shown a performance of 12.5% over the last month, 6.3% over three months, and 1.8% over twelve months, outperforming the Shanghai Composite Index [1]. Company Developments - Xiaomi's second-phase factory is under construction, with significant land acquisitions for future expansion, including a 176,000 square meter plot with a starting price of 226 million yuan [5][6]. - The company is strategically planning to enhance its production capabilities to meet the anticipated demand for new models [5][6]. Investment Recommendations - The report suggests a strong outlook for Xiaomi's automotive division, particularly with the successful launch of the Xiaomi SU7, which has exceeded pre-launch sales expectations [6].