机器人行业跟踪报告之一：小米机器人更新迭代，AI SoC芯片企业受益

Investment Rating - The report maintains a "Buy" rating for the electronics industry [5] Core Insights - Xiaomi Group's mobile and IoT business remains solid, with automotive ventures opening new growth opportunities. In Q3 2024, Xiaomi achieved revenue of 828 billion RMB, a year-on-year increase of 16.8% [10][11] - The Xiaomi Cyber One robot is positioned as a smart home assistant, capable of providing care and companionship, particularly for the elderly and children [2][37] - The report highlights the significance of edge computing SoC as the brain of AIoT smart terminals, emphasizing the growing demand for edge computing applications and AI algorithm deployment [3][42] Summary by Sections Xiaomi Group's Mobile and IoT Business - Xiaomi's revenue for the first three quarters of 2024 reached 256.9 billion RMB, a year-on-year increase of 29.37%, with a net profit of 14.6 billion RMB, up 14.79% [10] - In Q3 2024, Xiaomi's smartphone revenue increased by 13.9% to 475 billion RMB, driven by higher average selling prices and increased shipment volumes [12] - The IoT and lifestyle products segment saw revenue rise by 26.3% to 261 billion RMB, attributed to growth in smart appliances and wearable products [18][19] Xiaomi Cyber One Robot - The Cyber One robot, standing at 177 cm and weighing 52 kg, can perceive 45 human emotional semantics and distinguish 85 environmental semantics [2][37] - It features a full-body control algorithm and a visual system capable of 3D reconstruction of the real world, enhancing its interaction capabilities [2][39] Edge Computing SoC - The report discusses the importance of SoC technology, which integrates multiple system functions into a single chip, reducing complexity and improving reliability [3][42] - There is a significant demand for edge computing applications and AI algorithm deployment, which are crucial for various emerging industries such as autonomous driving and smart homes [47][48] Allwinner Technology - Allwinner Technology, a leading SoC company in China, reported a revenue of 1.673 billion RMB in 2023, with a 10.49% year-on-year increase, and a projected revenue of 2.288 billion RMB in 2024, marking a 36.76% growth [58][59] - The company focuses on technological innovation and product competitiveness, continuously releasing new products to meet market demands [73]