Core Insights - Xiaomi held its 15th anniversary strategic product launch event on May 22, showcasing new products including the Xiaomi 15S Pro and the first SUV, the Xiaomi YU7, along with the new Xiaomi Xuanjie O1 and T1 chips [1] Group 1: Product Launch and Achievements - Xiaomi has achieved three significant milestones: maintaining a top-three global smartphone market share for 19 consecutive quarters, successfully transitioning its automotive, chip, and smart factory initiatives from concept to reality, and completing its full ecosystem strategy [1] - The company has invested over 100 billion yuan in R&D over the past five years, with an additional 200 billion yuan planned for the next five years [1] - The Xuanjie O1 chip has successfully entered the flagship chip tier, while the Xuanjie T1 chip integrates a self-developed 4G baseband [1][2] Group 2: Chip Specifications - The Xuanjie O1 chip utilizes second-generation 3nm technology, featuring 19 billion transistors and a compact area of 109mm², with a ten-core CPU and 16-core GPU [2] - The CPU configuration includes two ultra-large cores, four performance cores, two efficiency cores, and two super-efficiency cores, with a peak frequency of 3.9GHz and multi-core scores exceeding A18 Pro [2] - The Xuanjie T1 chip supports 4G eSIM independent communication and has been tested with over 7000 use cases across 100+ cities [2] Group 3: SUV Launch and Market Position - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, with the YU7 series set to launch in July, featuring three versions: standard, Pro, and Max [2][3] - The YU7 standard version boasts an impressive range of 835km, making it the leader in range among mid-to-large pure electric SUVs [3] - The YU7 series includes advanced features such as panoramic display, 700 Tops of assisted driving computing power, laser radar, and continuously variable damping [3] Group 4: Financial Projections - The company is expected to achieve revenues of 506.27 billion yuan, 605.21 billion yuan, and 700.89 billion yuan for the years 2025 to 2027, with corresponding net profits of 35.71 billion yuan, 45.78 billion yuan, and 59.89 billion yuan [3] - The projected price-to-earnings ratios for these years are 36, 28, and 21 times, respectively [3]

Group 1 - Xiaomi celebrated its 15th anniversary by launching several key products, including the Xuanjie O1 chip, the Xiaomi S15 Pro smartphone, and the Xiaomi Yu7 electric vehicle [1] - The company has invested a total of 102 billion yuan in R&D over the past five years, exceeding its initial plan by 20 billion yuan, with an expected R&D investment of 30 billion yuan this year [1] - Xiaomi plans to double its R&D spending over the next five years, targeting a total of 200 billion yuan [1] Group 2 - Xiaomi's automotive and chip businesses have transitioned from zero to one in the past five years, with the SU7 expected to deliver 137,000 units in 2024, placing it among the top new car manufacturers [3] - The company has committed to a long-term investment plan of at least 50 billion yuan over the next ten years for its chip development, despite experiencing a decline in performance in 2022 [3] - Xiaomi has invested over 13.5 billion yuan in the Xuanjie chip development over the past four years, with a team of more than 2,500 people [5] Group 3 - The Xuanjie O1 chip utilizes a 3nm process technology, similar to Apple's latest A18 chip, although Xiaomi acknowledges that its performance still lags behind Apple's [7] - The Xiaomi Yu7 is positioned as a luxury high-performance SUV and is the company's first SUV model [7] - Xiaomi has not disclosed the price or pre-order information for the Yu7, suggesting it may be priced competitively with the SU7 [9]

Core Viewpoint - Xiaomi celebrates its 15th anniversary with a strategic product launch, showcasing advancements in its ecosystem and technology, including the introduction of the new Xuanjie O1 processor and various products like the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [1][3]. Group 1: Product Launch and Features - The Xiaomi 15S Pro features two versions priced at 5499 yuan for 16GB+512GB and 5999 yuan for 16GB+1TB [5]. - The Xiaomi Pad 7 Ultra is priced starting at 5699 yuan and is touted as Xiaomi's best tablet to date, equipped with PC-level professional software and a full-size floating keyboard [5]. - The Xiaomi Watch S4 15th Anniversary Edition is priced at 1299 yuan and includes the Xuanjie T1 long-lasting 4G smartwatch chip [6]. Group 2: Technological Advancements - The Xuanjie O1 processor is built on a second-generation 3nm process with 19 billion transistors and a die area of only 109mm², achieving a lab score exceeding 3 million [3]. - Xiaomi aims to compete with Apple’s chips, claiming that its GPU has already surpassed the performance of Apple's A18 Pro in several aspects [3]. - The company has invested 13.5 billion yuan in the development of the Xuanjie series as of April 2025, marking a significant commitment to its chip development journey [3]. Group 3: Strategic Vision and Investment - Xiaomi's chairman, Lei Jun, announced a commitment to invest an additional 200 billion yuan in R&D over the next five years, emphasizing the company's ambition to solidify its position as a comprehensive technology ecosystem provider [1]. - The company has successfully transitioned from 0 to 1 in various sectors, including automotive, chips, and smart factories, completing its "people, vehicles, and home ecosystem" strategy [1].

点击 关注我们 报告发布日期：2025年3月21日 报告名称:《 小米集团-W（01810.HK）-2024年营收利润创历史新高，人车家全生态战略全面落地 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年业绩超预期，营收利润大幅增长 2024年公司总营收3659亿元（YoY +35%），经调整净利润272亿元（YoY +41%）。其中，4Q24营收1090亿元 （YoY +49%，QoQ +18%），经调整净利润83亿元（YoY +69%，QoQ +33%）。2024年公司总营收及净利润 实现高速增长，均创历史新高。分业务看，2024年智能手机、IoT与生活消费产品、互联网服务、智能电动汽 车业务营收占比分别为52%/29%/9%/9%。2020-2030公司新十年目标大规模投入底层核心技术，致力于成为新 一代全球硬核科技引领者，2024年公司研发支出 ...

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6] Core Views - The report highlights that Xiaomi achieved record high revenue and profit in 2024, with total revenue reaching 365.9 billion yuan (YoY +35%) and adjusted net profit of 27.2 billion yuan (YoY +41%) [1][4] - The company's strategy of integrating vehicles, home, and technology is fully implemented, contributing to significant growth across various business segments [1][4] - The report emphasizes the successful high-end strategy in the smartphone segment, with revenue of 191.8 billion yuan (YoY +22%) and an average selling price (ASP) reaching a historical high of 1,138 yuan [2] Summary by Sections Revenue and Profit Growth - In 2024, Xiaomi's total revenue was 365.9 billion yuan, with a significant increase in Q4 revenue to 109 billion yuan (YoY +49%, QoQ +18%) and adjusted net profit of 83 billion yuan (YoY +69%, QoQ +33%) [1] - The revenue breakdown for 2024 shows smartphones at 52%, IoT and lifestyle products at 29%, internet services at 9%, and smart electric vehicles at 9% [1] Smartphone Business - The smartphone business saw a revenue increase to 191.8 billion yuan, with a gross margin of 12.6% and a 5.2% increase in ASP [2] - Xiaomi's smartphone shipments reached 170 million units, a 16% increase, capturing 14% of the global smartphone market [2] Smart Electric Vehicles - Revenue from smart electric vehicles reached 32.8 billion yuan, with a gross margin of 18.5% [2] - The company plans to deliver 350,000 vehicles in 2025, up from 137,000 in 2024, indicating a strong growth trajectory [2] IoT and Internet Services - IoT business revenue reached 104.1 billion yuan (YoY +30%) with a gross margin of 20.3% [3] - Internet services generated 34.1 billion yuan (YoY +13%) with a high gross margin of 76.6% [3] Financial Forecasts - The report raises profit forecasts for 2025-2027, expecting net profits of 31.6 billion yuan, 42.4 billion yuan, and 60.8 billion yuan respectively, with growth rates of 34%, 34%, and 43% [4][5]