科技行业：小米2024年投资者日：新十年目标致力于成为全球硬核科技引导者

Industry Investment Rating - The report reiterates a "Buy" rating for Xiaomi, citing its potential for long-term growth and valuation uplift as it transitions into a global hardcore technology leader [2] Core Viewpoints - Xiaomi has set a new decade-long goal (2020-2030) to become a global leader in hardcore technology, with a focus on high-end products, industrial capabilities, OS, AI, chips, and new retail [1] - The company's "Human x Car x Home" ecosystem strategy is central to its growth, with significant investments in R&D and a strong emphasis on building a high-end brand image [1] - Xiaomi's SU7 car launch has been a success, with over 70,000 orders locked in by April 20, 2024, and a strong user base from Apple phone users (46%) and female buyers (28%, expected to reach 40%-50%) [1][4] - The company aims to deliver 100,000 cars in 2024, with a target revenue of over RMB 300 billion and a gross margin of 5%-10% for its car business [1] - Xiaomi's valuation is expected to rise, driven by the rapid increase in SU7 deliveries and stable growth in global smartphone market share and high-end shipments [2] Strategic Focus and Business Goals - Xiaomi's 2024 business targets include: - Main business revenue exceeding RMB 300 billion [1] - Smartphone shipments increasing by 15-20 million units [1] - Car delivery target of 100,000 units, with an investment of RMB 110-120 billion [1] - R&D investment of RMB 24 billion [1] - The company plans to expand its car sales network to 219 stores across 46 cities and 139 service centers across 82 cities [1] - Xiaomi is focusing on building its "Human x Car x Home" ecosystem, which is expected to reduce R&D costs for shared technologies like the HyperOS and AI [2] Market and User Insights - Xiaomi's SU7 has achieved a 79% activation rate for its smart driving features, with 26,100 activations and over 250,000 kilometers driven [1] - The company plans to launch city NOA (Navigate on Autopilot) features in 10 cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, by May 2024 [1] - Xiaomi's car business is expected to contribute significantly to revenue and profit growth, with a strong focus on expanding production capacity and improving delivery timelines [1]