Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][7]. Core Views - Xiaomi's smartphone market share has returned to first place in China, with a global shipment of 41.8 million units in Q1 2025, representing a 3% year-on-year growth and a global market share of 14% [1]. - The company is advancing its IoT business with a focus on high-end products and international expansion, aiming to establish 10,000 Xiaomi Home stores overseas by 2029 [1]. - The automotive segment shows promising growth, with the SU7 Ultra model achieving over 10,000 orders within three days of its launch, and the company expects to meet or exceed its annual delivery target of 350,000 vehicles in 2025 [2]. - Xiaomi has launched its first open-source inference model, "Xiaomi MiMo," which outperformed competitors in public testing, indicating a strong potential for AI hardware integration in its products [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at CNY 488.6 billion, CNY 643.3 billion, and CNY 792.4 billion, with year-on-year growth rates of 34%, 32%, and 23% respectively [3][5]. - Adjusted net profit for the consumer electronics segment is projected to be CNY 390 billion, CNY 496 billion, and CNY 591 billion for the same period, with growth rates of 17%, 27%, and 19% respectively [3][5]. - The automotive segment is expected to contribute adjusted net profits of CNY 15 billion, CNY 100 billion, and CNY 173 billion from 2025 to 2027 [3]. Key Financial Metrics - The report forecasts a non-GAAP EPS of CNY 1.6, CNY 2.4, and CNY 3.1 for 2025, 2026, and 2027 respectively [5][14]. - The price-to-earnings (P/E) ratio is projected to decrease from 29 in 2025 to 15 in 2027, indicating a potential increase in valuation as earnings grow [5][14]. - The gross margin is expected to improve from 21.9% in 2025 to 23.5% in 2027, reflecting enhanced profitability across segments [14].

3）个股来看：近 2 周，智能家居指数中，涨幅前五个股分别为翱捷科 技（+50.36%）、芯原股份（+33.80%）、江苏雷利（+31.64%）、兆威 机电（+24.82%）、捷昌驱动（+24.20%）。 行业政策跟踪 1）市场监管总局（国家标准委）批准发布《智能床》国家标准。2） 市场监管总局等五部门发布《优化消费环境三年行动方案（2025— 2027 年）》。 [Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 03 月 02 日 巨头借力 [Table_Title] DeepSeek，竞推"AI+"新品 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.02.17-2025.02.28）上证综指下跌 0.77%， 深证成指下跌 1.29%，创业板指下跌 2.03%；智能家居指数 （399996.SZ）上升 0.34%，跑赢上证综指 1.12pct，跑赢深证成指 1.63pct，跑赢创业板指 2.37pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、 ...