Investment Rating - The report assigns an "Accumulate" rating to Xiaomi Group [1][9]. Core Insights - Xiaomi's FY25Q1 revenue reached 111.3 billion RMB, marking a 47.7% year-on-year increase, with adjusted net profit surpassing 10.7 billion RMB, a 64.5% growth [3][7]. - The company has launched its self-developed 3nm mobile SoC chip, Xuanjie O1, and plans to invest 200 billion RMB in R&D over the next five years [7][9]. - Xiaomi's smartphone revenue in FY25Q1 was 50.6 billion RMB, up 8.9% year-on-year, regaining the top market share in mainland China at 18.8% [7][9]. Financial Summary - Revenue projections for FY2025E-FY2027E are adjusted to 483.5 billion, 602.3 billion, and 715.9 billion RMB respectively, with adjusted net profit forecasts of 42.2 billion, 55.2 billion, and 68.6 billion RMB [3][9]. - The company reported a gross profit of 25.4 billion RMB in FY25Q1, with a gross profit margin of 22.8% [10]. - The adjusted PE ratio for FY2025 is projected at 28.7, reflecting a premium valuation due to Xiaomi's hardware synergy and AI positioning [9][14].

Core Insights - Nio reported a year-over-year increase in vehicle deliveries and revenue for Q1 2025, with 42,094 vehicles delivered and total revenue of RMB 12 billion, reflecting a 21.5% increase year-over-year but a 38.9% decrease quarter-over-quarter [1] - The company aims for a delivery guidance of 72,000–75,000 units for Q2 2025 and targets breakeven with double-digit gross margins by Q4 2025 [1][9] Group 1: Financial Performance - Vehicle gross margin reached 10.2% in Q1 2025, with expectations to improve to approximately 15% in Q2 due to new model launches and cost reductions [1][4] - Operating expenses are projected to decline significantly, with R&D expenses capped at RMB 2 billion–2.5 billion per quarter, representing a 20% to 25% year-over-year decrease [3][9] Group 2: Strategic Initiatives - Nio is managing three brands—Nio, Onvo, and Firefly—with distinct product launches planned for Q2 and Q3, supported by cross-brand resource integration to reduce operating expenditures [2] - The transition to an inventory-based sales model is expected to enhance delivery volumes and align with consumer demand for immediate delivery [6][8] Group 3: Operational Goals - Monthly delivery targets for Q4 2025 are set at 50,000 units across all brands, with a vehicle gross margin target of 17%–18% and SG&A expenses within 10% of sales revenue [6][9] - The company is focused on leveraging in-house technology to improve margins and maintain competitive advantages in the market [5]

Core Viewpoint - Xiaomi has made significant strides in self-developed chip technology, showcasing its "玄戒 O1" chip, positioning itself as the fourth global company capable of designing 3nm SoC chips, following Apple, Qualcomm, and MediaTek [1][28]. Group 1: Xiaomi's Development Journey - Xiaomi's journey in chip development has spanned 11 years since the establishment of Pinecone Electronics, contrasting with Huawei's 22-year timeline [1][28]. - The company has leveraged its manufacturing advantages and internet thinking to disrupt high-value markets dominated by Apple and Samsung, creating a "catalyst effect" in the Chinese tech ecosystem [1][12]. - Xiaomi's approach integrates supply chain resources and fosters close partnerships with suppliers, ensuring product quality and stability [12][13]. Group 2: Market Position and Strategy - Xiaomi's strategy emphasizes high cost-performance, targeting young consumers and ordinary families, while Huawei focuses on the mid-to-high-end market with a premium pricing strategy [20][25]. - The competition between Xiaomi and Huawei is not merely adversarial; both companies contribute to a robust consumer electronics ecosystem that drives innovation and product iteration [25][18]. - Xiaomi's expansion into smart home products and other categories reflects its commitment to building a comprehensive smart ecosystem, with over 1 billion connected IoT devices [19][20]. Group 3: Industry Impact and Future Outlook - The collaboration between Xiaomi and Huawei in supporting suppliers like OFILM Group demonstrates their influence and bargaining power within the supply chain [16][18]. - The evolution of the Chinese consumer electronics industry showcases a shift from OEM and imitation to self-branded products, driven by local market demands [18][30]. - The need for more companies like Xiaomi is emphasized, as they play a crucial role in making technological advancements accessible to the general public [30].

Core Viewpoint - Xiaomi's Investor Day revealed optimistic growth projections for 2025, including over 30% revenue growth and over 40% net profit growth year-on-year, supported by multiple business segments [2][3]. Group 1: Financial Performance - Xiaomi expects its 2025 revenue to grow by more than 30% year-on-year, with adjusted net profit anticipated to exceed 40% growth [2]. - The smartphone segment is projected to see an average selling price (ASP) increase of 3-5% and maintain a gross margin of 12-12.5% [2]. - The AIoT business is also expected to grow over 30% year-on-year, with a gross margin expansion of 2.0-2.5 percentage points [2]. Group 2: Electric Vehicle Business - Xiaomi's smart electric vehicle (EV) business is expected to achieve profitability starting in Q3 2025, aligning with Deutsche Bank's previous expectations [3]. - The company anticipates a net loss of 69 million RMB in Q2 2025, followed by net profits of 400 million RMB and 2.63 billion RMB in Q3 and Q4, respectively [3]. - Projected delivery volumes for 2025 are 86,600 units in Q2, 100,000 units in Q3, and 137,500 units in Q4, totaling 400,000 units for the year, surpassing the previous guidance of 350,000 units [3][4]. Group 3: Global Expansion Plans - Xiaomi plans to enter overseas markets for smart electric vehicles starting in 2027, significantly expanding its retail network [5]. - The number of Xiaomi Mi stores is expected to grow from approximately 500 in 2025 to 3,000 in 2026, aiming for a total of 10,000 stores by 2030 [5]. Group 4: Semiconductor Development - Xiaomi is accelerating its self-research in automotive semiconductors, with plans to begin production of automotive semiconductor products soon [6]. - The company has committed to investing 50 billion RMB in chip development over ten years, with 13.5 billion RMB already invested by February 2025 and an expected 6 billion RMB in R&D for 2025 [6][7].

Group 1 - The company achieved record high revenue and profit in Q1 2025, with total revenue of 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a historical high for a single quarter [1] - The gross margin improved to 22.8% (YoY +0.5 percentage points), indicating effective cost management and operational efficiency [1] - The revenue contributions from various business segments in Q1 2025 were 46% from smartphones, 29% from IoT and consumer products, 8% from internet services, and 17% from smart electric vehicles and AI [1] Group 2 - The IoT business generated revenue of 32.3 billion yuan (YoY +59%) with a gross margin of 25.2% (YoY +5.4 percentage points), achieving a historical high in revenue and gross profit [2] - Smart home appliances saw a significant revenue increase of 114%, with air conditioners, refrigerators, and washing machines experiencing shipment growth of 65%, 65%, and 100% respectively [2] - The internet services segment reported revenue of 9.1 billion yuan (YoY +13%) with a gross margin of 76.9% (YoY +2.7 percentage points) [2] Group 3 - The smart electric vehicle and AI business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the loss in this segment narrowed to 500 million yuan [2] - The company delivered 76,000 units of the Xiaomi SU7 series in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company opened 235 automotive sales stores by March 31, 2025, enhancing its sales and service network [2] Group 4 - The company launched its first self-developed SoC, the Xuanjie O1, and introduced the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, along with a new 4G watch chip [3] - R&D expenses reached 6.7 billion yuan in Q1 2025, reflecting a 30% year-on-year increase, indicating a strong commitment to core technology development [3] - The company raised its profit forecast for 2025-2027, expecting net profits of 36.2 billion, 46.4 billion, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [3]

Group 1: Financial Performance - In Q1 2025, Xiaomi Group achieved total revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, setting a new historical high [1] - The adjusted net profit for the quarter was 10.7 billion yuan, reflecting a year-on-year growth of 64.5%, also a record high [1] Group 2: Mobile Business - Xiaomi's mobile revenue reached 50.6 billion yuan in Q1 2025, with a gross margin of 12.4% [1] - Global smartphone shipments totaled 41.8 million units, marking a 3% year-on-year increase, with a global market share of 14.1% [1] - In the Chinese market, Xiaomi regained the top position with a market share of 18.8% [1] Group 3: IoT and Home Appliances - Xiaomi's IoT revenue for Q1 2025 was 32.3 billion yuan, with a gross margin of 25.2%, both figures reaching historical highs [2] - The company is focusing on high-end and international strategies for its IoT business, with plans to establish 10,000 Xiaomi Home stores overseas from 2025 to 2029 [2] Group 4: Automotive and AI Innovations - Revenue from Xiaomi's automotive and AI innovation business was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The company launched the luxury high-performance SUV model YU7, equipped with advanced technology, and anticipates strong market performance upon pricing announcement [2] Group 5: AI and Chip Development - Xiaomi officially released its self-developed chip, Xuanjie O1, in May 2025, utilizing second-generation 3nm technology [3] - The chip features a 10-core CPU and a 16-core GPU, and will be used in the Xiaomi 15S Pro smartphone and Pad 7 Ultra tablet [3] Group 6: Future Projections - Revenue projections for Xiaomi from 2025 to 2027 are estimated at 486.7 billion yuan, 634.5 billion yuan, and 764.8 billion yuan, with year-on-year growth rates of 33%, 30%, and 21% respectively [3] - Adjusted net profit for the consumer electronics segment is projected to be 41.9 billion yuan, 52.0 billion yuan, and 61.1 billion yuan for the same period, with growth rates of 25%, 24%, and 18% respectively [3]

证券研究报告·行业点评报告·电子 电子行业点评报告 从哲库到玄戒：手机 AP SoC 自研的启示— —大厂自研三两事系列 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 产业链相关公司 2025 年 06 月 03 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 研究助理 李雅文 执业证书：S0600125020002 liyw@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 电子 沪深300 相关研究 《谷歌 IO 大会&Computex 黄仁勋演 讲，打开 AI 增长展望新思路-算力周 报》 2025-05-25 《AI 产业聚焦中东，提振全球算力芯 片及基建需求-算力周报》 2025-05-18 | 1. 写在前面：为什么我们要对比哲库&玄戒？ 4 | | | --- | --- | | 2. OPPO | 哲库：跨越马里亚纳海沟的芯片野心 4 | | 2.1. OP ...

证券研究报告·行业点评报告·电子 电子行业点评报告 从哲库到玄戒：手机 AP SoC 自研的启示— —大厂自研三两事系列 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 产业链相关公司 2025 年 06 月 03 日 东吴证券研究所 1 / 11 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 研究助理 李雅文 执业证书：S0600125020002 liyw@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 电子 沪深300 相关研究 《谷歌 IO 大会&Computex 黄仁勋演 讲，打开 AI 增长展望新思路-算力周 报》 2025-05-25 《AI 产业聚焦中东，提振全球算力芯 片及基建需求-算力周报》 2025-05-18 请务必阅读正文之后的免责声明部分 ◼ 为什么我们要对比哲库&玄戒？手机品牌大厂的激烈竞争中，自研 SoC 芯片一直是各大品牌共同的追求，已有的成 ...

Core Viewpoint - Xiaomi, founded by Lei Jun, is transitioning from a smartphone company to a hardcore technology firm, focusing on self-developed chips to challenge the semiconductor industry [1][4][6]. Group 1: Xiaomi's Historical Context and Strategy - Xiaomi's history reflects Lei Jun's ability to capture market opportunities, starting with the launch of high-cost performance smartphones during the mobile internet boom [4][6]. - The company achieved significant market penetration in India, capturing 26% of the market by 2019 through localized operations and competitive pricing [5]. - The decision to enter the electric vehicle market coincided with a critical point in China's EV adoption, with Xiaomi's SU7 becoming a top seller in its category [5][6]. Group 2: Current Market Dynamics - The recent U.S. semiconductor export controls create a challenging environment for Chinese companies, but also present opportunities for domestic firms to fill the void left by American companies [8][10]. - The demand for AI technology is surging, which aligns with Xiaomi's strategic move to develop its own chips, indicating a significant market potential [11]. Group 3: Technical Feasibility of Chip Development - Xiaomi's self-developed chip, the Xuanjie O1, claims to achieve advanced 3nm process technology, suggesting a strong design capability [13][14]. - However, the manufacturing of high-performance chips remains a significant challenge, with only a few companies capable of such production, primarily TSMC [14][15]. - The current state of China's semiconductor manufacturing capabilities, particularly with SMIC, indicates a gap in achieving the same level of production efficiency as TSMC [14][15]. Group 4: Future Outlook - While Xiaomi's design capabilities are promising, the journey towards self-sufficient chip manufacturing is just beginning, requiring advancements in domestic manufacturing technology [16][15]. - The ability to maintain momentum in the semiconductor space will depend on Xiaomi's transition from a software and marketing-focused company to a robust manufacturing entity [16].

雷军今天宣布小米自主研发设计小米3纳米旗舰芯片，开始大规模量产，毕竟要搭载到小米平板7ultra和小米15S Pro这种销量肯定很大得机型上，后续将会 有小米终端搭载，玄戒O1搭载台积电第二代3nm工艺制程，190亿个晶体管数量，GeekBench 6单核跑分3119分、多核9673分，这个成绩是旗舰芯片水平了， 仅次于苹果A18 Pro，小米芯片这是要不鸣则已一鸣惊人？ 这几天小米大新闻不断，5月22日的15周年战略新品发布会，各种大招一下打出来，小米YU7发布，这是小米首款纯电SUV，发布旗舰手机小米15S Pro，发 布超高端OLED平板小米平板7ultra，另外还有一大爆点，就是自研手机SoC芯片玄戒O1。 雷军这两天最重要还是宣布玄戒O1，这款小米自研芯片处理器来了，而且要搭载到小米15S Pro和小米平板7ultra。这款是全球第四家3nm处芯片处理器，前 面三家高通、苹果、联发科。 雷军还发了个长文，介绍这次自研芯片的艰苦和成果，累计研发投入超135亿元人民币，研发团队达到2500人，今年研发投入超过了60亿元，从小米手机小 米平板到"人车家全生态"战略全部支持，预计准本10年投入500亿，小米 ...