小米汽车表现超预期，单车亏损显著收窄

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or Xiaomi Auto, but it indicates a positive outlook on the profitability improvement of Xiaomi's automotive business [2][8]. Core Insights - Xiaomi's automotive division achieved total revenue of RMB 16.7 billion in Q4 2024, a 72% quarter-on-quarter increase, exceeding market expectations. The automotive revenue specifically was RMB 16.3 billion, with an average selling price (ASP) of RMB 234,000, which slightly decreased by RMB 4,000 from the previous quarter. The gross margin for the division reached a new high of 20.4%, up by 3.3 percentage points quarter-on-quarter, while the adjusted net loss narrowed to RMB 700 million, a reduction of RMB 800 million from the previous quarter. This corresponds to a per-vehicle net loss of approximately RMB 10,000, significantly improved from RMB 38,000 in Q3 [2][8]. - For the full year 2024, the automotive division's total revenue was RMB 32.8 billion, with automotive revenue at RMB 32.1 billion and an adjusted net loss of RMB 6.2 billion. The division's gross margin for the year was 18.5% [2][8]. - Xiaomi has raised its 2025 delivery target for its automotive business from 300,000 vehicles to 350,000 vehicles, indicating potential for further production capacity expansion. The company expects the automotive business gross margin in 2025 to be at least equal to the gross margin in Q1 2025, reflecting optimism about rapid profitability improvement [2][8]. Summary by Sections Financial Performance - In Q4 2024, Xiaomi's automotive division reported total revenue of RMB 16.7 billion, a 72% increase quarter-on-quarter. The automotive revenue was RMB 16.3 billion, with an ASP of RMB 234,000, down by RMB 4,000. The gross margin reached 20.4%, and the adjusted net loss was RMB 700 million, corresponding to a per-vehicle loss of approximately RMB 10,000 [2][8]. - For the full year 2024, total revenue was RMB 32.8 billion, with automotive revenue at RMB 32.1 billion and an adjusted net loss of RMB 6.2 billion. The gross margin for the year was 18.5% [2][8]. Strategic Developments - Xiaomi is establishing an overseas R&D center in Munich, Germany, to support its global expansion in the automotive sector. This center aims to leverage the expertise of the European luxury automotive cluster and will focus on recruiting experienced engineers to enhance product localization and technical breakthroughs. The company has also recruited two senior experts from the German automotive industry to bolster its R&D capabilities [3][9]. - Xiaomi aims to achieve European sales before 2030 and has set 2027 as the inaugural year for its overseas expansion, indicating a strategic move to compete with established international brands like Tesla and BBA [3][9].