小米家电：多品类扩张与智能生态布局

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - Xiaomi's home appliance segment demonstrates diversified advantages with leading market shares across multiple categories, including televisions, air conditioners, humidifiers, and water purifiers, ranking in the top three domestically as of Q3 2024 [2][17] - The revenue from Xiaomi's IoT and lifestyle products grew by 26% year-on-year, reaching 26.1 billion yuan, driven by increased sales in tablets, smart home appliances, and wearable devices [2][23] - Xiaomi's high cost-performance strategy effectively attracts price-sensitive young consumers, leveraging online sales channels and supply chain integration to maintain competitive pricing [2][4] - The company is focusing on innovation and product diversification, with significant R&D investments amounting to 16.6 billion yuan in Q3 2024, a 19.9% increase year-on-year [2][37] - Xiaomi's global market expansion, particularly in Southeast Asia, is expected to drive future growth, with the global home appliance market projected to grow at a CAGR of over 5% from 2024 to 2032 [2][13] Summary by Sections Xiaomi Home Appliances: Diverse Smart Product Lines and High Cost-Performance Strategy - Xiaomi's product range includes major appliances, small appliances, smart home devices, and smart kitchen products, all controllable via the Mi Home app [3] - The brand targets young consumers who prioritize high-tech experiences and cost-effectiveness, successfully capturing market share through competitive pricing [4][10] Market Trends and Growth Projections - The global home appliance market is expected to see a CAGR of over 5% from 2024 to 2032, with specific segments like televisions projected to grow at a CAGR of 10% [13][14] - Xiaomi's market share in air conditioners increased from 4.43% in 2023 to 6.79% in 2024, with online retail market share reaching 12.85% [17][23] Product Innovation and R&D - Xiaomi's R&D efforts focus on enhancing product quality and innovation, with a dedicated smart appliance lab and significant investment in new technologies [37][40] - The company aims to improve product quality through self-manufacturing initiatives, starting with air conditioning units [44][45] Global Expansion and Market Strategy - Xiaomi plans to expand its home appliance business into Southeast Asian markets, with a focus on smart home products [45][48] - The company is enhancing its offline presence with an expected increase in Mi Home stores, aiming to surpass 20,000 locations by 2025 [53]