Group 1 - The core viewpoint of the report indicates that Xiaomi Group's automotive performance in Q2 is impressive, while the smartphone business adjustments are in line with expectations [1] - Xiaomi's Q2 revenue and adjusted net profit were 116 billion and 10.8 billion RMB respectively, meeting market expectations [1] - Automotive revenue increased by 40% year-on-year, with a gross margin of 26.4%, reaching a historical high due to average selling price growth and platform scale effects [1] Group 2 - Smartphone revenue decreased by 2% year-on-year, primarily due to the release of the REDMI A5 affecting overseas average selling prices, while domestic average selling prices benefited from an increase in high-end model proportions [2] - Smartphone gross margin declined by 0.9 percentage points to 11.5% quarter-on-quarter, mainly due to rising storage prices impacting mid-to-low-end models [2] - AIOT revenue grew by 45% year-on-year, with a gross margin of 22.5%, which is the second highest in history, although it decreased by 2.7 percentage points quarter-on-quarter due to the 618 promotion [2]

交银国际发表研报指，小米次季业绩符合市场预期，汽车业绩表现亮眼。收入/经调整净利润分别为 1160/108亿元，符合市场预期。汽车收入按年增40%；毛利率达26.4%，再创历史新高，主要来自平均 售价增长及同平台规模效应。智能手机收入按年降2%，主要来自REDMI A5 发布拉低海外平均售价， 而内地平均售价受益于高端机型占比提升，按年继续增长。 该行微调小米2026年汽车业务收入至1820亿元，前值预测1817亿元。考虑手机等业务的不确定性，下调 2025年及2026年收入预测至4830亿及6058亿元，下调2025年及2026年经调整每股盈利至1.67元及2.01 元。基于2026年手机xAIoT 25倍市盈率及汽车业务2.2倍市销率，目标价由67港元下调至60港元，维 持"买入"评级。 ...