XIAOMI(01810) 海通国际·2025-02-28 05:50Investment Rating - The report maintains a "Recommended" rating for Xiaomi Corp [1] Core Insights - Xiaomi's pricing strategy for the SU7 Ultra significantly enhances its brand image while retaining its value-for-money philosophy, marking a decisive move into the ultra-premium market [2][10] - The SU7 Ultra's price was reduced to Rmb529,900 from an initial pre-sale price of Rmb814,900, which is expected to broaden its sales potential, although volume is not the primary focus for Xiaomi [2][8] - The vehicle's impressive specifications, including 1,548 PS power and a 0-100 km/h acceleration in 1.98 seconds, position it as a competitive model in the ultra-premium segment [9][12] Summary by Sections Event - Xiaomi officially launched the SU7 Ultra on February 27, 2025, with a guide price of Rmb529,900, a reduction of Rmb285,000 from the pre-sale price, exceeding market expectations [6][1] - The vehicle secured over 6,900 orders within 10 minutes and surpassed 10,000 orders in 2 hours post-launch [6] Comments - The "Quality-to-Price" strategy is leading Xiaomi's brand upgrade, showcasing its commitment to high-end transformation while maintaining cost-effectiveness [7][10] - The pricing strategy allows middle-class consumers to experience luxury car features, potentially accelerating the break-even timeline for its automotive business [8][10] Technology and Features - The SU7 Ultra is equipped with advanced technology, including Qualcomm's Snapdragon 8295 chipset and Xiaomi HyperOS, enhancing voice control and interactive experiences [11] - The intelligent driving system boasts a total computing power of 11.45 EFLOPS and utilizes a comprehensive sensor suite for 360-degree coverage [11][12] - The model supports various intelligent driving capabilities, including automatic recognition for tolls and parking assistance, with a full rollout of features expected soon [12][13]