小米汽车专题系列之三：小米Su7 Ultra发布，2小时大定过1万辆

Investment Rating - The report maintains an "Outperform" rating for Xiaomi Group and several other companies in the automotive supply chain [4][5]. Core Insights - Xiaomi's Su7 Ultra was officially launched on February 27, 2025, with over 10,000 pre-orders within two hours, indicating strong market demand [1][23]. - The company achieved significant sales in 2024, with 248,000 orders and 135,000 deliveries for the Su7 model, receiving multiple industry awards [2][24]. - Xiaomi is investing heavily in AI, with a projected R&D budget of 30 billion yuan for 2025, of which 25% will be allocated to AI development [2][28]. - The company is entering the SUV market with the upcoming YU7 model, expected to launch in mid-2025, aiming to capture a significant share of the electric SUV segment [47][48]. Summary by Sections Xiaomi Su7 Ultra Launch - The Su7 Ultra standard version is priced at 529,000 yuan, significantly lower than the pre-sale price of over 800,000 yuan, making it more accessible to a broader consumer base [1][13]. - The vehicle features high performance, with a maximum power of 1548 horsepower and acceleration from 0 to 100 km/h in just 1.98 seconds [14][18]. 2024 Performance and Achievements - In 2024, the Su7 model achieved a wholesale sales volume of 140,400 units, with a monthly delivery capacity exceeding 20,000 units [34][51]. - The success of Xiaomi's automotive business is attributed to its long-term planning, strong investment ecosystem, and robust product quality [36][35]. Technological Advancements - Xiaomi's intelligent driving system, XIAOMI HAD, is set to launch by the end of 2024, with significant technological reserves including advanced suspension and control systems [3][44]. - The company has accumulated substantial AI computing power, reaching 11.45 EFLOPS, to support its intelligent driving initiatives [30][52]. Future Outlook - Xiaomi aims to exceed 400,000 vehicle sales in 2025, driven by the anticipated success of the YU7 model and continued demand for the Su7 Ultra [51][49]. - The company is also expanding its production capacity, with plans for a second factory to support increased demand [46].