XIAOMI(HK:01810) Soochow Securities·2025-05-27 04:25Investment Rating - Industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market by more than 5% in the next six months [40]. Core Insights - The report highlights a strategic plan for 2025, targeting revenue growth of over 30% and an anticipated R&D investment of 30 billion yuan, with a guidance of 200 billion yuan for R&D from 2026 to 2030 [1]. - Xiaomi's recent product launch on May 22 showcased a comprehensive ecosystem with the introduction of the玄戒 O1 3nm flagship chip, which features a transistor count of 19 billion and a performance score exceeding 3 million on AnTuTu [3][4]. - The new products include the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and the first electric SUV, YU7, which is set to launch in July [3]. - The YU7 SUV offers three power configurations, with a maximum power of 508 kW and a range of up to 835 km, showcasing advanced technology and luxury features [3][20]. Summary by Sections Strategic Planning - The company aims for a revenue growth target of over 30% in 2025 and plans to invest 30 billion yuan in R&D for the same year, with a total of 200 billion yuan planned for the following five years [1]. Product Launch - The launch event introduced several key products, including: - Xiaomi 15S Pro with the玄戒 O1 chip, priced at 5499 yuan for the 16GB+512GB version [3]. - Xiaomi Pad 7 Ultra, the first OLED tablet from Xiaomi, priced at 5699 yuan for the 12GB+256GB version [3]. - Xiaomi Watch S4 eSIM, priced at 1299 yuan, featuring 4G connectivity [3]. - The YU7 electric SUV, with a starting price expected to be no less than 300,000 yuan [3]. Performance Metrics - The玄戒 O1 chip features a "2+4+2+2" ten-core architecture, achieving top-tier performance and efficiency, with a GPU that dynamically adjusts power consumption [3][10]. - The first quarter of 2025 saw significant growth in Xiaomi's home appliance sales, with air conditioning sales up 102.7%, refrigerators up 144.9%, and washing machines up 184.4% [3][19].