通信行业点评报告：小米「人车家全生态」合作伙伴大会召开 产业链有望受益

Investment Rating - The industry investment rating is "Increase" (Maintain) [4] Core Viewpoints - Xiaomi's active user base has reached nearly 700 million, with a continuous expansion of its ecosystem. The global monthly active users have surpassed 686 million, and the smartphone market share has remained in the top three globally for 17 consecutive quarters. The global smartphone shipment is expected to increase by 23.5 million units year-on-year, with high-end smartphone sales projected to grow by 43% in 2024 [14] - Xiaomi's IoT platform has connected 860 million devices, solidifying its position as the largest consumer IoT platform globally. The Mi Home app has surpassed 100 million monthly active users, and Xiaomi has established a complete "human-vehicle-home ecosystem" [14] - Xiaomi plans to invest over 100 billion yuan in R&D over the next five years, focusing on AI, OS, and chip technologies. The R&D expenditure is expected to reach 24 billion yuan in 2024 and 30 billion yuan in 2025 [14] - The report suggests focusing on companies such as Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE, as the "human-vehicle-home ecosystem" conference is expected to benefit Xiaomi's supply chain, computing power industry, and intelligent driving industry [15] Summary by Sections Industry Investment Rating - The industry investment rating is "Increase" [4] Xiaomi's Ecosystem and Market Position - Xiaomi's global monthly active users have exceeded 686 million, with a smartphone market share in the top three for 17 consecutive quarters. The expected year-on-year growth in global smartphone shipments is 23.5 million units, and high-end smartphone sales are projected to grow by 43% in 2024 [14] - The IoT platform has connected 860 million devices, with the Mi Home app achieving over 100 million monthly active users, completing the "human-vehicle-home ecosystem" [14] R&D Investment - Xiaomi's R&D investment is projected to exceed 100 billion yuan over five years, with 24 billion yuan expected in 2024 and 30 billion yuan in 2025, focusing on AI, OS, and chip technologies [14] Investment Recommendations - The report recommends focusing on Xiaomi Group, Huace Navigation, Meige Intelligent, Guanghetong, and ZTE due to the positive outlook for the supply chain and related industries [15]