摩根士丹利称，凭借优质与高性价比，相信小米17系列销量将强劲，并助力加速小米提升在高端智能手 机领域的市场份额。分析师Andy Meng等人在报告中表示，小米已在其电动汽车业务中启动专属定制服 务。尽管初期月产仅40辆，但相信该服务将成为其一项核心竞争优势。一旦新电动汽车工厂的利用率提 升，该模式预计推广至大多数车型，帮助小米维持稳健的新订单流。维持超配评级。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company achieved a record high revenue of 6.472 billion yuan in Q1 2025, marking a year-on-year growth of 14.68% and a quarter-on-quarter decline of 5.13%. The net profit attributable to shareholders reached 866 million yuan, up 55.25% year-on-year but down 8.65% quarter-on-quarter [1]. - The company is benefiting from an optimized product structure and enhanced supply chain efficiency, leading to improved profitability. The gross margin for Q1 2025 was 31.03%, an increase of 3.14 percentage points year-on-year and 2.05 percentage points quarter-on-quarter [1]. - The company is seeing significant growth in its high-end smartphone product share and accelerated penetration in the automotive electronics sector, with revenue from the smartphone market reaching approximately 9.802 billion yuan, accounting for 51% of the image sensor business [2]. - Continuous investment in R&D is evident, with 3.245 billion yuan allocated in 2024, representing 15% of semiconductor design revenue, which supports product upgrades and new product development [3]. Financial Forecasts - The company is projected to achieve net profits of 4.39 billion yuan, 5.6 billion yuan, and 7.034 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 37, 29, and 23 [4][8]. - Revenue is expected to grow from 25.731 billion yuan in 2024 to 40.697 billion yuan by 2027, with annual growth rates of 22.4%, 16.6%, 16.8%, and 16.1% for the respective years [4][9].