证券研究报告 Q3 业绩创同期新高，稳步应对存储涨价周期 事件：小米集团 25Q3 营收同比增长 22.3%至 1131.2 亿元（略高于市场预期的 1125 亿元），毛利率 22.9%（略高于预期的 22.7%），经调整净利润同比大增 80.9%至 113.1 亿元（高于预期的 100.5 亿元），其中包含了来自政府补助的 17 亿元（去年同期为 3 亿元），剔除该部分预期差额后利润端基本符合预期。 报告摘要 智能电动汽车及 AI 等创新业务 Q3 首次盈利，成最强增长极。25Q3 该分部收入 290.1 亿元（同比+199.2%），占总营收比重升至 25.6%（24Q3 仅 10.5%），单 季交付新车 10.9 万辆（同比+173.4%），其中 XiaomiYU7 系列表现强劲（10 月 国内 SUV 销量第一），推动汽车 ASP 升至 26.0 万元/辆（同比+9.0%），汽车业 务收入 283.0 亿元（同比+197.9%），分部毛利率 25.5%（同比+8.4 个百分点）， 因核心零部件成本下降、生产效率提升，叠加高毛利车型（XiaomiSU7Ultra、YU7 系列）交付占比提升。截至 9 月末 ...

Core Viewpoint - The competition between Gree and Xiaomi in the air conditioning market is intensifying, with Xiaomi's market share rapidly approaching that of Gree, raising concerns about Gree's market position [1][3]. Market Share Analysis - As of July, the top five players in the Chinese air conditioning market are Midea (26.8%), Gree (17.2%), Xiaomi (13.7%), Haier, and Aux [3]. - Xiaomi's market share increased by 53.9% year-on-year, while Gree's share decreased by 16.9% [3]. - In the online market, Xiaomi's share reached 16.71%, surpassing Gree's 15.22%, and is close to Midea's 18.61% [5]. Consumer Demographics - Xiaomi has successfully attracted younger consumers, which poses a challenge for Gree, traditionally favored by older demographics who value Gree's established reputation for quality [6]. - The younger generation, particularly those born in the 90s and 00s, is becoming the primary consumer group, influencing market dynamics [6]. Ecosystem Advantage - Xiaomi benefits from a comprehensive ecosystem, which enhances its ability to attract and retain customers across various product categories, making it easier to gain market share compared to Gree [8]. - The brand loyalty developed through Xiaomi's ecosystem encourages consumers to choose Xiaomi products across different categories, while Gree's ecosystem remains relatively limited [8].