小米手机：AI手机二次点火

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the smartphone shipments of the company are expected to reach a historical high of 168.5 million units in 2024, with a year-on-year growth of 15.4%, significantly surpassing the industry growth rate of 6.4% [3][7] - The company is focusing on high-end strategies and AI smartphone trends, which are anticipated to be crucial for long-term development [3][21] - The report emphasizes the importance of the company's ecosystem strategy, which integrates hardware and software, enhancing user engagement and creating a competitive edge [4][6] Summary by Sections Xiaomi Smartphone: Business Model Innovation to Technological Accumulation - The company has adopted a differentiated pricing strategy, focusing on low hardware margins while monetizing through internet services [4] - The smartphone business is entering a stable and sustainable growth phase, with a focus on high-end market penetration [6] Smartphone Performance and Market Outlook - In 2024, the company is projected to achieve a global market share of 13.6%, with flagship models performing well and ASP increasing by 10.5% [3][7] - The high-end smartphone sales are expected to grow by 43% year-on-year, with a target of increasing sales by 10 million units every 3-5 years [11][17] AI Smartphone Strategy - The company launched its AI smartphone strategy with the introduction of the Hyper OS 2 and the Super Xiao Ai assistant, which offers various AI functionalities [18][21] - The AI smartphone initiative is supported by a robust ecosystem that leverages perception data and IoT capabilities, providing a competitive advantage [22][27] Investment in Research and Development - The company plans to increase its R&D investment to 30 billion yuan in 2025, a 25% increase from 2024, to enhance its AI capabilities [31] - The establishment of a GPU cluster for AI model training is expected to significantly boost the company's technological capabilities [31]