XIAOMI(HK:01810) Great Wall Securities·2025-03-04 08:43Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The pricing of Xiaomi's SU7 Ultra exceeded expectations, indicating a potential upward trend in the automotive electronics sector. The model's price of 529,900 yuan led to over 10,000 pre-orders within two hours, reflecting a significant consumer acceptance of high-end domestic electric vehicles [3] - The national subsidy policy continues to stimulate consumer demand, with January smartphone sales in China increasing by 18% year-on-year. The subsidy is expected to contribute an additional 2-3% growth in smartphone sales for Q1 2025 [3][6] - TV panel prices are on the rise, with certain storage products also experiencing price increases. The average prices for various TV panel sizes have increased, indicating a positive trend in the display market [3][29] - The report suggests investment opportunities in companies like Huajin Technology, Yunzuka Technology, and Nanchip Technology due to the recovery in consumer electronics demand and the ongoing growth in automotive electronics [3] Summary by Sections Investment Recommendations - Recommended companies include Huajin Technology, Yunzuka Technology, Nanchip Technology, and others, based on their expected performance in the recovering consumer electronics market and automotive electronics sector [3] Smartphone Market Analysis - In January 2025, smartphone sales in China reached nearly 29 million units, with a year-on-year growth of 17.6%. The top three brands, Huawei, Vivo, and Xiaomi, accounted for approximately 53.8% of total sales [6][9] TV Market Insights - The Chinese TV market saw a year-on-year increase of 5.5% in January 2025, with total shipments reaching 4.42 million units. The report anticipates a total shipment of about 8.71 million units in Q1 2025, reflecting a 3.2% increase compared to the previous year [12] Panel Price Trends - As of late February 2025, TV panel prices have increased, with specific price hikes noted for various sizes. The average prices for 65", 55", 43", and 32" TV panels rose by $2, $1, $1, and $0.5 respectively [29] Storage Market Overview - The average price for DDR4 series memory has shown slight fluctuations, with an increase in demand for embedded products due to supply shortages. The report indicates a potential upward trend in NAND Flash prices later in the year [31]