科技龙头专题巡礼（四）：爆款突围与生态扩张：小米手机、可穿戴及汽车业务的协同效应与产业重构启示录

Investment Rating - The report gives a positive investment rating for the industry, indicating a structural opportunity for related companies due to Xiaomi's comprehensive ecosystem strategy [5][66]. Core Insights - Xiaomi has successfully established itself as a major player in the smartphone market through a focus on high cost-performance ratio, expanding into overseas markets, and leveraging AIoT as a second growth engine [3][4][18]. - The wearable business has also thrived on the principle of extreme cost-performance, with Xiaomi maintaining a top-three global market share for nine consecutive years [3][32]. - In the automotive sector, Xiaomi is entering the new energy vehicle market with a strong emphasis on self-research and development, aiming to provide high cost-performance vehicles targeted at young consumers [4][43][45]. Summary by Sections 1. Smartphone Business - From 2011 to 2014, Xiaomi rapidly captured the mid-to-low-end market with high cost-performance models, achieving significant sales growth [11][12]. - In 2015-2016, Xiaomi faced challenges but expanded its product line to include high-end and low-end models, stabilizing its market position [14][15]. - Between 2017 and 2020, Xiaomi's overseas market contributions grew, with AIoT becoming a significant growth driver [16][18]. - From 2021 to 2024, Xiaomi aims to shift from a technology-led approach to an experience-led strategy in the high-end market, focusing on imaging capabilities [20][22]. 2. Wearable Business - The initial Xiaomi Mi Band opened the market with a low price point, achieving over 10 million sales within a year, validating the cost-performance strategy [29][32]. - Xiaomi's wearable devices have consistently ranked among the top three globally from 2015 to 2023, demonstrating sustained market leadership [32][33]. 3. Automotive Business - Xiaomi's entry into the new energy vehicle market is marked by the launch of the SU7, which emphasizes high cost-performance and advanced technology [43][44]. - The company has committed significant resources to R&D, with investments expected to reach $10 billion over the next decade [45][46]. - Early investments in the automotive supply chain have positioned Xiaomi favorably within the industry [49]. 4. Profit Model Analysis - Xiaomi's profit model is driven by high cost-performance hardware and internet services, with hardware sales contributing approximately 90% to revenue [54][56]. - Internet services, characterized by high margins, have become a core component of Xiaomi's profitability, with a gross margin exceeding 70% in recent years [59][62]. 5. Investment Recommendations - The report suggests that Xiaomi's ecosystem strategy will create structural opportunities for various related companies, including Xiaomi Group-W and several technology suppliers [5][66].