机构：天风证券 研究员：孔蓉/孙潇雅/潘暕 小米首次发布手机SoC，跻身全球头部手机硬件厂商：从松果、澎湃到玄戒，小米自从2014 年对芯片业 务首次进行投入后，终于在2025 年迎来历史性时刻，小米自主研发设计的手机 SoC 芯片玄戒 O1 即将 在 5 月下旬发布。 目前小米是国内唯二两家具备自研芯片能力的手机厂商。 为何小米要坚持自研芯片？手机SoC 是为移动终端服务的定制化技术，其投入的资金和人才需求远高于 智能手机行业，此前手机厂商在芯片领域面临的技术和商业模式问题相对较大。而小米芯片团队吸收此 前经验，归属手机部旗下，在商业模式上吸取前期松果团队经验。 我们认为此次小米造芯，核心业务企稳和汽车业务第二曲线为芯片提供了充分的支持条件；另一方面， 国内手机高端市场价格带（6000 元以上）依然是小米需要攻克的市场，此前小米已在可穿戴产品上验 证硬件底层框架重构和系统策略优化后的续航提升。 旗舰SOC 芯片对小米的意义是什么？首先我们认为旗舰SOC 芯片手机发布是一次用户破圈，而对芯 片、AI、OS 等底层技术的长期耐心投入，使得小米作为科技消费品公司逐步拥有一定护城河，在手机 市场竞争中，自研芯片带来 ...

Core Viewpoint - Xiaomi is launching multiple significant products, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and its first SUV, the Xiaomi YU7, alongside the self-developed SoC chip, the Xiaomi Xuanjie O1, which is expected to enhance its high-end strategy [1][5][7]. Smartphone Business - Xiaomi is steadily increasing its market share in the smartphone sector, particularly in China, with a focus on high-end models [5][10]. - The introduction of the self-developed Xuanjie O1 chip, built on a second-generation 3nm process, is seen as a key milestone in Xiaomi's chip development and is expected to support its high-end strategy [7]. - Goldman Sachs forecasts Xiaomi's smartphone shipments to reach 170 million units by 2025, slightly below market consensus [7]. AIoT Business - Xiaomi's AIoT business is projected to grow approximately 50% year-on-year, with major contributions from large appliances and tablets [5][8]. - By 2027, large appliances and tablets are expected to account for about 40% of AIoT sales and 50% of gross profit, up from 30% and 35% in 2024 [8]. Electric Vehicle Business - The second phase of Xiaomi's electric vehicle factory has passed government inspection and is set to begin trial production soon, with the third phase showing early signs of progress [9]. - Delivery estimates for the YU7 SUV (including YU7 Ultra) are around 320,000 units by 2025/26 [9][12]. Financial Performance - Xiaomi's global smartphone market share reached 14% in Q1 2025, with significant growth in the Chinese market [10]. - In the home appliance sector, sales of air conditioners, washing machines, and refrigerators saw year-on-year increases of 103%, 184%, and 145%, respectively [11]. - The global tablet shipment increased by 57% to 3.1 million units, positioning Xiaomi third in both global and Chinese markets [11]. AI Ecosystem Development - Xiaomi launched its first open-source inference-based large language model, MiMo, and is building a vast AIoT ecosystem with over 700 million active smartphone installations and more than 900 million connected AIoT devices [13]. - Adjusted net profit forecasts for 2025-2027 have been increased by 3-6% due to stronger IoT sales and gross profit outlook [13]. Upcoming Catalysts - Key upcoming events include the Q1 earnings report, the release of the "Xring" chip, the "2025 Investor Day" meeting, and the launch of the YU7 SUV, with expected monthly sales of around 30,000 units [13][14][15].

5月19日上午，小米集团董事长雷军发布数条微博，除了宣布小米战略新品发布会时间外，还 详谈了小米的芯片之路。相关话题也迅速冲上微博热搜。 新品发布会将于本周四开启 5月19日上午10时，雷军宣布，小米战略新品发布会定于5月22日晚7点。他直言，此次重磅 新品特别多，包括：手机SoC芯片"小米玄戒O1"、小米15S Pro、小米平板7 Ultra、小米首 款SUV"小米YU7"等。 消息传出后，相关话题迅速引发热议，并一度登上微博热搜第二位。不少网友留言表示期待 发布会的新产品。 "玄戒O1"采用第二代3nm先进工艺 不久后，雷军再次发文，详谈小米的芯片之路。 对此，小米集团总裁卢伟冰曾于日前表示，"玄戒O1"芯片是小米造芯的关键里程碑，非常值 得大家期待，搭载该芯片的产品会有好几款，不仅仅有手机。 雷军表示，小米在2014年开始研发芯片，并于2017年推出了首款手机芯片"澎湃S1"。后来 因为种种原因，小米开始转向发力"小芯片"。直到2021年，公司除了决定造车外，还重启 了"大芯片"业务。 雷军称，截至今年4月末，玄戒累计研发投入已超135亿元；今年研发投入预计超60亿元。此 外，研发团队人员数已超2500 ...

据了解，小米玄戒O1采用3nm旗舰处理器，是小米11年芯片研发之旅的里程碑。为研发玄戒芯片，小米已经累计投入超135亿元。受小米发布会定档等消息影响，小 米集团股价也迅速反弹，截至发稿，小米集团股价已从早盘下跌近4%拉升翻红。 小米首款自研SoC芯片和首款SUV车型小米YU7将于同一天发布。 5月19日，小米集团董事长兼CEO雷军发微博称，小米战略新品发布会定在5月22日晚7点召开。雷军表示，这次重磅新品特别多，包括手机SoC芯片小米玄戒O1、小 米15SPro、小米平板7Ultra和首款SUV小米YU7等。 玄戒芯片力争"跻身第一梯队" 雷军表示，小米玄戒O1采用第二代3nm工艺制程，力争跻身"第一梯队旗舰体验"。据了解，玄戒O1是小米自主研发设计的SoC芯片。在玄戒立项之初，就拥有很高 的目标：最新的工艺制程、旗舰级别的晶体管规模、第一梯队的性能与能效。 雷军透露称，四年多时间，截至今年4月底，玄戒累计研发投入已经超过了135亿元人民币。目前，研发团队已经超过了2500人，2025年预计的研发投入将超过60亿 元。 "我相信，这个体量，在目前国内半导体设计领域，无论是研发投入，还是团队规模，都排在行业前三 ...

Core Viewpoint - Xiaomi is set to launch its flagship SoC chip, the Xuanjie O1, along with new products, marking a significant step in its chip development journey and aiming to establish itself in the high-end technology sector [2][3][4]. Group 1: Chip Development Journey - Xiaomi's first self-developed SoC, the "Pangpai S1," faced challenges leading to a shift towards smaller chips before returning to large chip development in 2021 [2][3]. - The company has committed to a long-term investment plan of at least 50 billion RMB over ten years to support its chip development efforts [3]. - As of April 2023, Xiaomi has invested over 13.5 billion RMB in the Xuanjie project, with a research team exceeding 2,500 members and an expected investment of over 6 billion RMB this year [3]. Group 2: Strategic Goals and Challenges - Xiaomi aims to produce high-end flagship SoCs to master advanced chip technology and support its high-end strategy [3][4]. - The launch of the Xuanjie O1, utilizing second-generation 3nm process technology, is seen as a new starting point for Xiaomi's self-developed chips [4]. - Despite the progress, Xiaomi acknowledges that it is still at the beginning of its journey in chip development, facing significant competition and challenges in the industry [4].

【导读】雷军最新发声，宣布新品发布会、详谈小米芯片之路 中国基金报记者 忆山 5月19日上午，小米集团董事长雷军发布数条微博，除了宣布小米战略新品发布会时间外，还详谈了小米的芯片之路。相关话题 也迅速冲上微博热搜。 新品发布会将于本周四开启 5月19日上午10时，雷军宣布，小米战略新品发布会定于5月22日晚7点。他直言，此次重磅新品特别多，包括：手机SoC芯片"小 米玄戒O1"、小米15S Pro、小米平板7 Ultra、小米首款SUV"小米YU7"等。 消息传出后，相关话题迅速引发热议，并一度登上微博热搜第二位。不少网友留言表示期待发布会的新产品。 雷军表示，小米在2014年开始研发芯片，并于2017年推出了首款手机芯片"澎湃S1"。后来因为种种原因，小米开始转向发力"小 芯片"。直到2021年，公司除了决定造车外，还重启了"大芯片"业务。 雷军称，截至今年4月末，玄戒累计研发投入已超135亿元；今年研发投入预计超60亿元。此外，研发团队人员数已超2500人。 研发投入和团队规模都排在国内半导体设计领域的行业前三。 雷军表示，现在小米终于交出了第一份答卷，即"玄戒O1"。据介绍，该芯片由小米自主研发设计，采 ...

Group 1 - Xiaomi's new device, identified as "Xiaomi 25042PN24C," reportedly features the self-developed O1 chip, achieving a single-core score of 2709 and a multi-core score of 8125, surpassing Qualcomm's Snapdragon 8 Gen 3 performance [3] - Deep Blue CEO, Deng Chenghao, suggested that employees could take a two-month leave after purchasing a specific vehicle model, which sparked public debate; he later clarified that the intention was not to encourage resignations but to address employees' concerns [5] - NVIDIA's CEO, Jensen Huang, announced a strategic shift regarding the Chinese market, stating that the company will not release further Hopper series chips due to U.S. government export restrictions [7] Group 2 - Android 17 is expected to introduce a desktop mode feature, similar to Samsung DeX, allowing for adjustable multi-tasking windows and seamless transitions between mobile and desktop interfaces [9]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price yet to be specified [3][11]. Core Insights - Xiaomi's release of its first self-developed mobile SoC, the Xuanjie O1, marks a significant milestone, positioning the company among the top global smartphone hardware manufacturers [1]. - The self-developed chip is expected to enhance Xiaomi's competitiveness in the high-end smartphone market, which remains a critical area for growth [2]. - The synergy between Xiaomi's self-developed chips, operating systems, and automotive business is anticipated to drive revenue growth and improve user experience [3]. Summary by Sections Company Overview - Xiaomi has invested in chip development since 2014, culminating in the launch of the Xuanjie O1 in May 2025, making it one of the two domestic manufacturers with self-developed chip capabilities [1]. Market Position - The self-developed SoC is seen as a strategic move to break into the high-end market segment (priced above 6000 RMB) and to establish a competitive edge through enhanced user experience and scale effects [2]. Financial Projections - The report forecasts Xiaomi's total revenue to reach 471.8 billion RMB in 2025 and 679.7 billion RMB in 2026, with net profits adjusted for shareholders expected to be 42.9 billion RMB and 85.5 billion RMB respectively [3].

Core Viewpoint - The article discusses the evolving relationship between consumers and brands, particularly focusing on Sony and its Xperia 1 Ⅶ smartphone, highlighting the gap between consumer expectations and the actual product offerings [6][12][13]. Group 1: Sony's Xperia 1 Ⅶ Analysis - Xperia 1 Ⅶ is not a poor product in the smartphone industry, featuring high-end specifications such as Snapdragon 8 Gen 1, up to 16GB RAM, and 512GB storage, along with unique camera capabilities [6][8]. - Despite its strengths, the Xperia 1 Ⅶ fails to meet consumer expectations, particularly in display resolution and audio technology, leading to disappointment among loyal users [10][12]. - The decision to exclude advanced audio technology like S-Master from the Xperia 1 Ⅶ is seen as a strategic move to protect Walkman sales, indicating a prioritization of commercial interests over consumer satisfaction [12][19]. Group 2: Consumer Expectations and Brand Faith - Consumer faith in a brand should be based on a rational understanding of its capabilities, rather than blind loyalty, leading to reasonable expectations for product quality [13][15]. - The article contrasts Sony's approach with Meizu's Note 16 series, which, despite deviating from traditional design, successfully meets market needs and attracts new customers [17][19]. - The concept of "fan economy" has shifted from supporting innovative brands to catering to less discerning consumers, which can dilute the integrity of brand loyalty and product quality [21][23]. Group 3: Emotional Value vs. Product Performance - Emotional value can influence purchasing decisions, but it cannot compensate for subpar product performance, as consumers will eventually notice discrepancies in quality [25][27]. - The expectation for self-developed chips in the industry reflects a desire for better performance and cost-effectiveness, indicating that consumers prioritize tangible benefits over brand loyalty [29].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price yet to be specified [3][11]. Core Insights - Xiaomi's release of its first self-developed mobile SoC, "Xuanjie O1," marks a significant milestone, positioning the company among the top global mobile hardware manufacturers [1]. - The self-developed chip is expected to enhance Xiaomi's competitiveness in the high-end smartphone market, which remains a critical area for growth [2]. - The synergy between Xiaomi's mobile, OS, and chip development is anticipated to drive innovation and improve user experience across its product lines [3]. Summary by Sections Company Overview - Xiaomi has invested in chip development since 2014, culminating in the launch of its first SoC in May 2025, making it one of the two domestic manufacturers with self-developed chip capabilities [1]. Market Positioning - The self-developed SoC is seen as a strategic move to break into the high-end smartphone segment, which is crucial for Xiaomi's growth [2]. - The report suggests that the self-developed chip will provide Xiaomi with a competitive edge through improved user experience and scale effects [2]. Financial Projections - The report forecasts Xiaomi's total revenue to reach 471.8 billion CNY in 2025 and 679.7 billion CNY in 2026, with net profit estimates of 42.9 billion CNY and 85.5 billion CNY respectively [3].