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].

昨天的小米新品发布会上，最受关注的应该就是小米15S Pro，该机作为小米15 Pro的升级款，其实最大的升级点并非是外观和外围配置，而是 将处理器从高通骁龙8至尊版换成了小米自研的玄戒O1。关于玄戒O1这段时间关注手机圈的朋友，应该无时无刻不被刷屏 我估计接下来随着小米15S Pro的发布，还有首批用户的入手，玄戒O1的各种爆料和花边新闻也会继续层出不穷，不管是好是坏，都会给小米 持续带来流量。但对大多数人来说，小米15S Pro的价格不菲 虽说玄戒O1很好，但5499的起步价可不是谁都能轻易买得起的。有趣的是，当年搭载华为自研麒麟处理器的旗舰机型，价格也是如此之高， 而骂声一片，说华为自研芯片不应该比外国芯片的手机更便宜吗？否则为什么要选择国产芯片而不是性能更好的外国芯片 现在轮到小米了，估计这种声音又要来了。但除了小米15S Pro外，其实昨晚的发布会雷军还带来了一款新机，在小智看来才是真正的杀手 锏，价格也不能说便宜，但和人人买得起的距离相差并不大 它就是小米Civi5 Pro，号称小小米15。该机相较上一代是加量不加价，依然2999起，而国补后2549就能拿下，又刚好碰到618，我估计还能更 便宜些 ...