小米集团-W：玄戒 Yu7 纵横开拓，品牌高端化迎来里程碑-20250524

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - On May 22, the company launched its self-developed 3nm chip, the Xuanjie O1, along with several consumer electronic products including the Xiaomi 15S Pro, Pad 7 Ultra, and Civi5 Pro, as well as the Yu7 SUV, marking a significant milestone in brand premiumization and enhancing product matrix breadth and supply chain integration [2][5]. Summary by Relevant Sections - Product Launches: The company introduced the Xuanjie O1 chip, which features a 10-core CPU and a 16-core GPU, achieving over 3 million points in AnTuTu benchmarks, surpassing Apple's A18 Pro in multi-core performance. The Xiaomi 15S Pro smartphone starts at 5499 yuan, while the Pad 7 Ultra starts at 5699 yuan, showcasing the company's commitment to high-end products [9]. - Automotive Expansion: The Yu7 SUV, positioned as a mid-to-large electric coupe SUV, offers a range of 835 km, the longest in its class. The vehicle features advanced technology such as laser radar and a panoramic display system, aiming to replicate the success of the SU7 model. The company anticipates achieving a net profit margin of over 10,000 yuan per vehicle by 2025, with a long-term goal of capturing a 24% market share in the high-end segment [9].