小米（纪要）：“国货教父” 新车 YU7 驾到，“外来和尚” Model Y 真危了？

Core Viewpoint - Xiaomi's recent conference highlighted the performance of its SUV model YU7 and the self-developed chip Xuanjie O1, which are expected to significantly impact the company's market valuation and competitiveness against Tesla [1][10]. Group 1: Xiaomi YU7 SUV - The YU7 SUV is projected to help Xiaomi's overall market value exceed 1 trillion yuan, with current monthly sales nearing 30,000 units [1]. - In the competitive landscape of the 250,000 to 350,000 yuan electric SUV market, Tesla dominates, with its Model Y achieving nearly 20,000 units in April 2025, while competitors lag behind [1]. - The YU7 aims to compete directly with the Model Y, which was highlighted as a key competitor during the conference [1]. - The YU7 features a battery capacity of 93.6 kWh, surpassing all competitors, and will utilize NVIDIA Thor chips for advanced driving assistance, achieving a computing power of 700 TOPS [2][3]. - The YU7's specifications indicate it has superior overall configurations compared to the Tesla Model Y, particularly if priced competitively [3]. Group 2: Production Capacity - The YU7 will be produced at Xiaomi's second factory in Beijing, which is expected to ramp up production capacity to around 20,000 units per month by the end of 2025 [4]. Group 3: Xuanjie O1 Chip - The Xuanjie O1 is Xiaomi's first self-developed 3nm flagship chip, integrating core components like SoC, CPU, GPU, NPU, and ISP, while using MediaTek's 5G baseband chip [4][5]. - The chip's area is 109 mm², smaller than competitors, and its performance is competitive but slightly lower than Qualcomm's Snapdragon 8 Elite [5][27]. - Xiaomi has invested over 13.5 billion yuan in chip development, with plans for continued investment of at least 50 billion yuan over the next decade [6]. Group 4: Investment Perspective - Xiaomi's market capitalization is approximately 1.3 trillion yuan, with traditional and automotive businesses contributing to this valuation [6]. - The automotive business is expected to generate nearly 100 billion yuan in revenue by 2025, although production capacity constraints may limit this potential [6][7]. - The automotive segment is seen as a key source of growth and flexibility for the company, especially as traditional business remains stable [6].