机构：长江证券 研究员：杨洋/高伊楠/陈亮/张永乾 事件描述 6 月3 日，小米召开2025 年投资者日大会，在2025Q1 财报卓越业绩的基础上，小米创始人雷军与小米 集团总裁卢伟冰对小米的高端化战略、新零售业态进行解读，小米的护城河在于小米模式的内核，小米 未来仍将锚定"芯片、AI、OS"筑牢硬核科技的三大基座，持续深耕底层硬核技术赛道。通过软硬件融 合，持续赋能人车家全生态。 事件评论 智能手机与消费电子：全面进击，小米进入均衡发展年。根据小米集团合伙人、总裁卢伟冰，2024 年 小米手机在中国市场净流入用户超1300 万，2020-2024 五年间份额+5.3pct，全市场领先。用户大幅净流 入，小米智能手机业务快速增长，高端化成效凸显，全球发展凸显潜力，目标全球2 亿部；2025Q1 小 米智能手机全球总销量4180 万台，同比+3.0%，全球市占率14.1%，同比提升0.3pct；中国大陆销量1330 万台，同比+40.0%，市占率18.8%，时隔10 年重回第一；高端化方面，2025Q1 小米手机均价1210.5 元，同比+5.7%，且在中国大陆4k-5k 价格端份额达到24.4%，位列第一；全 ...

六月的青岛，海风轻拂，清凉宜人。在这座融合山海风华与智造基因的城市，一场产业与资 本的深度对话即将启幕！ 南财投教基地联合股市广播、投资快报，诚邀您参与 "青岛上市公司深度调研" 活动，零距离 探访标杆企业。 活动时间：6月10-12日 （三天两晚） 企业标签三 120年酿造传奇 | 世界第五大啤酒品牌 | 中国啤酒高端化领跑者 企业标签一 百年工厂的现代化密码 走进1903年建厂的青岛啤酒博物馆，探秘从传统酿造到智能生产的世纪跨越。 【调研看点】 高端化战略解码 品鉴奥古特、百年之旅等高端产品线，解析"品牌矩阵+场景营销"如何突破行业天花 板。 报名须知 全球智慧家庭生态引领者 | 物联网时代转型标杆 | 连续14年全球大型家用电器品牌零售量领先 活动时间： 6月10日-12日 （三天两晚） 场景生态战略 探访"生态互联工厂"，体验"智慧家"全场景解决方案，看传统制造如何蜕变为开放生 态平台。 企业标签二 老字号的年轻化密码 探秘70年国民品牌如何玩转Z世代营销，从"钙奶饼干"到网红爆款的进化之路。 【调研看点】 全球化布局 解析"海尔+卡萨帝+Candy"多品牌矩阵，揭秘其覆盖近200个国家的本土化运营创 ...

机构：长江证券 研究员：杨洋/高伊楠/张永乾 事件描述 智能手机：时隔十年重回中国大陆销量第一，高端化成效凸显。2025Q1 小米集团手机业务营收506 亿 元，同比+8.9%，毛利率12.4%。销量角度看，2025Q1 小米智能手机全球总销量4180 万台，同比 +3.0%，连续7 个季度出货量同比增长。全球市占率14.1%，同比提升0.3pct；中国大陆销量1330 万台， 同比+40.0%，市占率18.8%，时隔十年重回第一。价格方面，25Q1 小米手机均价1210.5 元，同比提升 5.7%。在规模进一步扩张的同时，小米手机高端化取得卓越成效，25Q1 小米在中国大陆销售高端机型 占小米总销量25%，同比提升3.3pct；4000 元以上机型占中国大陆市场份额9.6%，同比提升2.9pct； 4000-5000 元机型份额达到24.4%位列第一，同比提升4.6pct。小米智能手机高端化取得卓越成效，一方 面来源于小米汽车持续出圈突出品牌效应，另一方面来源于线下新零售模式的发力，25Q1 中国大陆智 能手机线下份额达到12.1%，同比提升3.2pct。 IoT 业务：2025Q1 公司IoT 与生活消费 ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 港股研究丨公司点评丨小米集团-W（1810.HK） [Table_Title] 小米模式构筑护城河，人车家高端化行则将至 报告要点 [Table_Summary] 6 月 3 日，小米召开 2025 年投资者日大会，在 2025Q1 财报卓越业绩的基础上，小米创始人 雷军与小米集团总裁卢伟冰对小米的高端化战略、新零售业态进行解读，小米的护城河在于小 米模式的内核，小米未来仍将锚定"芯片、AI、OS"筑牢硬核科技的三大基座，持续深耕底层 硬核技术赛道。通过软硬件融合，持续赋能人车家全生态。 分析师及联系人 1 [Table_Author] SAC：S0490517070012 SAC：S0490517060001 SAC：S0490517070017 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 SFC：BUW408 杨洋 高伊楠 陈亮 张永乾 小米集团-W（1810.HK） cjzqdt11111 [Table_Title2] 小米模式构筑护城河，人车家高端化行则将 ...

分析师及联系人 [Table_Author] 丨证券研究报告丨 港股研究丨公司点评丨小米集团-W（1810.HK） [Table_Title] 小米模式构筑护城河，人车家高端化行则将至 报告要点 [Table_Summary] 6 月 3 日，小米召开 2025 年投资者日大会，在 2025Q1 财报卓越业绩的基础上，小米创始人 雷军与小米集团总裁卢伟冰对小米的高端化战略、新零售业态进行解读，小米的护城河在于小 米模式的内核，小米未来仍将锚定"芯片、AI、OS"筑牢硬核科技的三大基座，持续深耕底层 硬核技术赛道。通过软硬件融合，持续赋能人车家全生态。 请阅读最后评级说明和重要声明 %% %% 杨洋 高伊楠 陈亮 张永乾 SAC：S0490517070012 SAC：S0490517060001 SAC：S0490517070017 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 SFC：BUW408 research.95579.com 1 %% %% 小米集团-W（1810.HK） cjzqdt11111 [Table_Title2] 小米模式构筑护城河，人车家高端化行则将 ...

Investment Rating - The report gives a positive outlook on Xiaomi Group (1810.HK), indicating a target price of HKD 65-75, suggesting a potential upside of 30%-45% from the current stock price [29]. Core Insights - Xiaomi Group's Q1 2025 performance exceeded market expectations, with total revenue reaching CNY 111.3 billion, a year-on-year increase of 47.4%, and adjusted net profit surpassing CNY 10.7 billion, up 64.5% year-on-year [2][27]. - The smartphone business showed significant growth, with revenue of CNY 50.6 billion, a year-on-year increase of 8.9%, and a global market share that remains in the top three [5][27]. - The electric vehicle segment also demonstrated strong performance, with revenue of CNY 18.6 billion, a year-on-year increase of 10.7%, and a gross margin of 23.2% [14][15]. - The IoT and lifestyle products segment achieved record revenue of CNY 32.3 billion, growing over 55% year-on-year, driven by significant sales in smart home appliances [20][23]. Summary by Sections Smartphone Business - Xiaomi's smartphone revenue reached CNY 50.6 billion in Q1 2025, with a global shipment of 41.8 million units, marking a 3% increase year-on-year [5]. - The average selling price (ASP) of smartphones reached CNY 1,211, a historical high, with high-end models (above CNY 3,000) accounting for 25% of shipments [9]. - The company aims to increase the proportion of mid-to-high-end models and plans to invest CNY 30 billion in R&D in 2025 [9][29]. Electric Vehicle Business - The electric vehicle segment's revenue was CNY 18.6 billion, with a gross margin of 23.2%, significantly higher than competitors [14][15]. - The SU7 series delivered 75,869 units, maintaining a strong market position in the CNY 200,000+ segment [14]. - The company plans to increase its annual delivery target from 300,000 to 350,000 units for 2025 [19]. IoT and Lifestyle Products - The IoT and lifestyle products segment generated CNY 32.3 billion in revenue, with a year-on-year growth of over 55% [20]. - The number of connected IoT devices reached 943.7 million, a 20.1% increase year-on-year [21]. - Xiaomi plans to enhance its product matrix and expand its presence in overseas markets, targeting a 45% share of IoT revenue from international markets by 2025 [21][23]. Internet Services - The internet services segment achieved revenue of CNY 9.1 billion, a year-on-year increase of 12.8%, with a gross margin of 76.9% [23][24]. - The number of MIUI monthly active users reached 719 million, a 9.2% increase year-on-year, indicating strong user growth [24].

Core Insights - In Q1 2025, the company's revenue reached 111.3 billion yuan, a year-on-year increase of 47%, with adjusted net profit at 10.7 billion yuan, up 64%, marking a historical high [1] - Gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a historical high [1] Smartphone Business - Smartphone revenue in Q1 2025 was 50.6 billion yuan, a 9% year-on-year increase, with a gross margin of 12.4% [1] - Global smartphone shipments increased by 3% to 41.8 million units, capturing a market share of 14.1%, ranking among the top three globally [1] - In mainland China, market share increased by 4.7 percentage points to 18.8%, reclaiming the top position in shipments after ten years [1] - The high-end strategy showed significant results, with high-end models accounting for 25.0% of total sales, up 3.3 percentage points year-on-year [1] - The company launched the new flagship model 15S Pro in May 2025, featuring the self-developed Xuanjie O1 chip [1] IoT and Consumer Products - Revenue from IoT and consumer products reached 32.3 billion yuan in Q1 2025, a 59% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points [1] Other Business Segments - Tablet shipments increased by 56%, and revenue from smart home appliances surged by 114% in Q1 2025 [2] - As of March 31, 2025, the company's AIoT platform connected approximately 940 million IoT devices (excluding smartphones, tablets, and laptops), a 20% year-on-year growth [2] - Internet services revenue reached 9.1 billion yuan in Q1 2025, a 13% year-on-year increase, with a gross margin of 76.9%, up 2.7 percentage points [2] - Monthly active users globally reached 720 million, a 9% year-on-year increase, with smart TV users at 73 million, up 8% [2] Automotive Business - Revenue from smart electric vehicles and AI-related businesses was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The SU7 series delivered 75,900 new vehicles in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company introduced its first luxury high-performance SUV, the YU7, in May 2025, set to launch in July [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share of 1.35, 1.82, and 2.27 yuan for 2025-2027, adjusting previous estimates due to revenue and margin updates [2] - Maintaining a comparable company PE valuation of 38 times for 2026, the target price is set at 75.52 HKD, with a buy rating [2]

Core Viewpoint - The company reported strong Q1 2025 performance with significant revenue and profit growth, driven by automotive and smart home appliance sectors [1][4] Group 1: Automotive Business - In Q1 2025, the company achieved automotive revenue of 181 billion yuan, with a single vehicle ASP of 239,000 yuan, reflecting a 0.5 thousand yuan increase [1] - The SU7 series delivered 75,869 units, maintaining over 20,000 monthly deliveries for six consecutive months [1] - The automotive business's operating loss narrowed to 5 billion yuan, with a gross margin of 23.2%, up 2.7 percentage points from the previous quarter [1] Group 2: New Model Launch - The YU7 model is set to launch in July 2025, featuring significant upgrades in configuration compared to the SU7, including a 96.3 kWh battery and a CLTC range of 835 km [2] - The YU7 will offer three versions, all equipped with advanced technologies such as the Nvidia Thor platform and laser radar [2] - Pricing strategy for YU7 is expected to be higher than SU7 due to tight production capacity [2] Group 3: Smartphone and IoT Business - In Q1 2025, the company shipped 41.8 million smartphones, generating revenue of 506 billion yuan, with a smartphone ASP of 1,211 yuan, up 5.8% year-on-year [3] - The company's global smartphone market share reached 14.1%, ranking third, while its market share in mainland China rose to 18.8%, regaining the top position [3] - The smart home appliance segment saw a revenue increase of 113.8%, with significant growth in air conditioners, refrigerators, and washing machines [3] Group 4: Profit Forecast and Investment Recommendation - The company is experiencing rapid growth in both automotive and smart home appliance sectors, with narrowing losses in automotive business [4] - The forecast for net profit from 2025 to 2027 has been adjusted to 41.8 billion, 53.4 billion, and 66.6 billion yuan, respectively, reflecting an increase from previous estimates [4] - The company maintains a "recommended" rating based on strong Q1 performance and stable gross margins across multiple business lines [4]

就高端化战略的未来布局，卢伟冰说："我们（小米）今天的高端还不是非常高端。"目前小米手机主要 在4000~6000元价格段，而6000元以上的市场份额还很低，小米计划从高端走到超高端。此外，小米还 要从中国走向海外，要从手机和汽车的高端化走到所有品类上去。 每经记者｜李少婷 每经编辑｜张海妮 5月27日晚间，小米集团召开2025年第一季度业绩发布媒体电话会议。 会上，小米集团合伙人、总裁卢伟冰分享了小米在过去几年坚持的战略主线：首先是技术硬核化，小米 曾经历财务压力非常大的阶段，但即便是在这样的情况下，小米依然坚持不断增加研发投入，研发投入 支撑小米做出了有竞争力的产品；其次是品牌的高端化，从2020年开始做高端化，小米目前已经走向了 全产品线的高端化；再次是市场的全球化，在逆全球化政策压力下，小米成为一家全球科技公司的目标 没有发生动摇；最后是商业模式的生态化，小米需要从范围经济向网格经济进行升级。 至于AI布局，卢伟冰称预计今年整个集团300亿元的研发费用中，大约有1/4会投向AI。卢伟冰表示，小 米在未来的AI时代具有明显优势，优秀的用户基础可以带来很多场景，这些场景可以产生很多数据， 这些数据在AI下 ...

玄戒芯片落地，软硬一体打开产品力天花板。公司自研手机SoC 玄戒O1 将首发搭载于15S Pro 手机及7 Ultra 平板。公司成为继苹果、高通和联发科后，全球第四家自研设计3nm 制程手机SoC 的企业。玄戒 O1采用第二代3nm 制程，集成190 亿个晶体管，大核主频达3.9GHz；同时公司发布集成了自研4G 基带 的玄戒T1 芯片，首发搭载于Watch S415 周年纪念版。目前公司芯片研发团队超2500 人，累计研发投入 超135亿元，规模及投入位居行业前三，公司指引25 年芯片投入超60 亿，26-30 年核心技术研发投入 2000 亿。继自研操作系统后，公司在芯片领域的突破有望进一步打开产品力天花板。 人车家齐头并进，高端化新零售驱动增长。24 年手机总出货量同比+15.7%至168.5 百万台，在全球 56/69 个国家&地区出货量排名前三/前五，全球/大陆市占率同比增加1.0pct/3.0pct 至13.8%/15.8%。近年 来公司通过自建产能、自研芯片操作系统、扩汽车及IoT 科技品类提升品牌形象，高端化战略稳步推 进，24 年国内高端智能机出货量占比同比+3.0pct 至23.3%；Q ...