XIAOMI(01810) 长江证券·2024-04-24 02:32Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [8]. Core Views - Xiaomi Group is strategically building a "human-vehicle-home" ecosystem, with cars becoming a crucial part of its strategy. The first model, Xiaomi SU7, is set to be launched on March 28, 2024, featuring competitive pricing and rich configurations [4][5][6]. - The company is focusing on electric smart core technologies and has made significant investments in R&D to lead the industry across five key areas: electric drive, battery, large die-casting, smart cockpit, and intelligent driving [6][39]. - Xiaomi aims to replicate Tesla's successful single-product strategy to create blockbuster models, with the SU7 already achieving impressive pre-order numbers [7][55]. Summary by Sections 1. Ecosystem Development - Xiaomi is developing a comprehensive "human-vehicle-home" ecosystem, with the car being a significant component. The company officially announced its entry into the smart electric vehicle market in March 2021, with CEO Lei Jun directly overseeing the electric vehicle business [4][12]. 2. Market Positioning - The Chinese passenger car market is expanding in the mid-to-high-end segments, with the high-end market growing faster than others. The demand for new energy vehicles is increasing, with penetration rates exceeding 30% [5][19]. - Xiaomi's automotive brand positioning is clear, focusing on high-performance eco-tech vehicles, with the SU7 targeting the mid-to-high-end market priced between 200,000 to 300,000 RMB [5][24]. 3. Core Technologies - Xiaomi is investing heavily in electric smart core technologies, covering five major areas: electric drive, battery, large die-casting, smart cockpit, and intelligent driving. The company has developed its own super motors and battery technologies, achieving industry-leading performance metrics [6][39][44]. 4. Product Competitiveness - The Xiaomi SU7 is positioned as a high-performance eco-tech sedan, with specifications that include a 0-100 km/h acceleration time of 2.78 seconds and a top speed of 265 km/h. The vehicle is equipped with advanced battery technology, achieving a range of up to 800 km [17][32]. 5. Sales Strategy - Xiaomi's sales strategy involves leveraging its extensive offline marketing and channel network, with over 10,000 Xiaomi stores established to support the automotive business. The initial sales and service network will cover 29 cities [28][29]. 6. Investment Opportunities - The entry of Xiaomi into the automotive market is seen as a significant step towards completing its ecosystem. The advanced technology and quality of the SU7, along with its marketing advantages, suggest a broad future sales potential. Related investment opportunities in the automotive supply chain are also highlighted [8][63].