机构：甬兴证券 对标苹果，产品高端化有望持续推进：根据快科技，小米发布会上雷军表示，小米的芯片将对标苹果。 具体参数上，玄戒O1 的十核四丛集CPU 性能和能效表现媲美苹果A18 Pro；16 核GPU 表现领先苹果 A18Pro。而根据IT 之家2024 年10 月29 日报道，小米 HyperConnect 全面支持苹果生态。我们认为，小 米在生态系统与芯片端向苹果发展的趋势，有望持续推动其产品高端化，提升其消费电子产品的单机价 值。 SUV YU7 发布，预计7 月份正式上市：根据智通财经，小米发布第二款新车YU7，共三个版本。续航 方面，小米YU7 续航最高可达835km，搭配96.3kWh 磷酸铁锂电池。新车全系搭载800V 碳化硅高压平 台。在发布会上，小米YU7 未公布价格，也未开启小定，雷军透露"小米YU7将在7 月份正式上市"。根 据此前雷军指引，小米汽车今年交付目标35万辆。 投资建议 我们预测公司2025-2027 年经调整净利润约为337.52 亿元、426.01亿元和550.64 亿元。我们持续看好公 司产品高端化带来的毛利率提升，以及汽车业务的持续发展，维持公司"买入"评级。 风险 ...

Core Viewpoint - Xiaomi's ambition in chip development and automotive manufacturing reflects a long-term strategy, with the recent launch of the 3nm flagship processor "玄戒O1" and the SUV "YU7" marking significant milestones in its journey towards becoming a leading technology company [2][3][25]. Group 1: Chip Development - Xiaomi has pursued its "chip dream" for 11 years, with the establishment of its subsidiary Pinecone Electronics in 2014, indicating a long-term commitment to chip development [7][11]. - The first chip, "澎湃S1," took 28 months to develop and was launched in 2017, making Xiaomi the fourth smartphone manufacturer with self-developed chip capabilities [8]. - Despite initial setbacks with the 澎湃S1, Xiaomi's experience laid the groundwork for the development of the玄戒O1, which has seen over 135 billion RMB invested in R&D and a team of over 2,500 people [11][12]. - The玄戒O1 chip utilizes TSMC's second-generation 3nm process, featuring 19 billion transistors and a compact area of 109mm², showcasing Xiaomi's technological advancements [12]. - Although the玄戒O1 has competitive specifications, it still trails behind Apple's A18 Pro in several areas, indicating that Xiaomi is still in a catch-up phase [13][15]. Group 2: Automotive Development - The launch of the SU7 has been a significant success, with over 25.8 million units delivered, establishing it as a market leader in its price segment [17]. - The upcoming YU7 is positioned as a luxury high-performance SUV, with a focus on long-range capabilities and advanced features, aiming to compete directly with Tesla's Model Y [19][20]. - The YU7's pricing strategy will be crucial for its success, with expectations of a starting price in the range of 26-30 million RMB, while offering superior features compared to competitors [20][21]. Group 3: Long-term Strategy - Xiaomi's strategy emphasizes the importance of having its own "core" (chips) and "wheels" (vehicles) to maintain a competitive edge in the smartphone and automotive markets [23][25]. - The company has committed to a long-term investment plan of at least 500 billion RMB over the next decade for its chip business, alongside significant investments in automotive development [11][25]. - Xiaomi's approach reflects a patient and steady commitment to building its technological capabilities, with both chip and automotive projects seen as integral to its future success [25][28].

华夏时报（www.chinatimes.net.cn）记者 卢晓 北京报道 从一个新手到另一个新手，已经创业15年的小米近年来一直热衷于进入新领域。 小米成为继苹果、华为、三星后，全球第四家拥有自己SoC芯片的手机厂商，但玄戒O1身后，有众多行业大咖身 影显现。 据雷军介绍，玄戒O1的CPU采用"2+4+2+2"的十核四丛集架构，其中，双超大核采用的是ARM最新一代的X925， 跟上一代比增加36%的性能。此外，据记者了解，玄戒O1本身并没有集成通讯模块，而是外挂联发科的5G基带来 实现这一功能。 ARM和联发科这两家半导体行业巨头在设计环节的参与，让外界对小米玄戒O1芯片的自研程度打了个问号。 不过通信高级工程师袁博对《华夏时报》记者表示，包括高通在内，所有智能手机芯片企业的初期产品均是采用 公版架构，目前联发科的SoC也是采用公版架构，"采用公版架构一方面可以基于成熟的芯片架构快速实现产品 化，另一方面也是为了做好技术积累，为后续基于自研架构进一步提升芯片能力打下基础。" 而对于外挂基带芯片，袁博认为，这是目前小米SoC的阶段性选择，与苹果类似，作为消费电子起家的企业，小 米在通信基带领域的技术积累尚浅， ...

Core Viewpoint - Xiaomi is committed to investing 200 billion yuan in core technology research and development over the next five years, emphasizing its focus on technology as a foundation for growth [2] Group 1: Chip Development - Xiaomi has launched its self-developed Xuanjie O1 chip, which is designed to compete with Apple's latest A18 Pro chip, featuring similar transistor scale and process technology [2][3] - The Xuanjie O1 chip utilizes a second-generation 3nm advanced process, integrates 19 billion transistors, and has a chip area of only 109mm² [3] - The chip's AnTuTu score reached 3 million points, with a ten-core four-cluster CPU architecture that includes dual Cortex-X925 super-large cores, achieving a 36% peak performance increase [3][4] Group 2: Performance Comparison - While the single-core performance of the Xuanjie O1 lags behind Apple's, its multi-core performance surpasses Apple's, and its GPU performance is also ahead with a 35% lower power consumption [4] - Xiaomi has also introduced the Xuanjie T1 chip for its smartwatches and a self-developed "Xiaomi 4G baseband" for independent 4G eSIM communication [4] Group 3: Investment and Team Size - Xiaomi's chip development journey began in September 2014, with a total investment of 13.5 billion yuan in the Xuanjie chip development and a budget of 6 billion yuan for this year [5] - The chip team has grown to over 2,500 members, making Xiaomi one of the top three companies in China in terms of investment scale and team size [5] Group 4: Market Challenges - The lifecycle of large chip businesses is long, with a need to sell millions of units within a couple of years to remain viable, highlighting the intense competition in the field [6] - Xiaomi's strategy to develop large chips is driven by its ambition to become a leading technology company, viewing chip development as a necessary challenge to overcome [6]

当地时间5月19日，据美国媒体CNBC报道，高通首席执行官克里斯蒂亚诺·阿蒙（ Cristiano Amon）表示，小米自研芯片的最新举措，预计不会影响其业 务。 5月19日，小米CEO雷军在微博上表示，玄戒立项之初，就提出了很高的目标：最新的工艺制程、旗舰级别的晶体管规模、第一梯队的性能与能效；至少投 资十年，至少投资500亿。他透露，四年多时间，截止今年4月底，玄戒累计研发投入已经超过了 135亿人民币。目前，研发团队已经超过了2500人，今年预 计的研发投入将超过60亿元。"我相信，这个体量，在目前国内半导体设计领域，无论是研发投入，还是团队规模，都排在行业前三。" 小米发言人证实，这项500亿元人民币的投资将于2025年启动。 （文/杨依婷 编辑/吕栋） 阿蒙表示："我们仍然是小米的战略芯片供应商，最重要的是，我认为高通骁龙芯片已经用于小米旗舰产品，并将继续用于小米旗舰产品。" 迄今为止，高通一直是小米旗舰智能手机SoC（系统级芯片）的主要供应商，其骁龙系列半导体为小米提供核心支持。 近日，小米最新官宣了自研3nm旗舰手机SoC芯片玄戒O1，是市场上最先进的工艺之一。iPhone 16 Pro和Pro ...

前几天，雷军官宣了小米新一代自研Soc芯片--玄戒O1，但这颗芯片究竟什么工艺，性能怎么样，全是猜测，没有确切消息。 并且基于这款芯片，很多人更是不惮以最坏的恶意来推测小米，称是高通XX芯片，或者联发科XX芯片套壳，根本就不是自研…… 而近日，雷军或许是为了回应质疑，公布了更多的关于这款芯片的信息。 按照说法，这颗芯片采用的是第二代3nm工艺，不用怀疑，基于这个工艺，就知道是台积电代工的，毕竟三星的3nm不给力，其它厂商，就没有3nm能力。 并且这也是中国厂商推出的第一颗3nm芯片，也是中国大陆最强的手机芯片。 且小米在2014年就研发出了澎湃S1，是有基础的，基于原来的一些技术，经验，团队等，4年花了135亿元，设计出3nm芯片，并不是那么夸张。 | 2709 | | 8125 | | --- | --- | --- | | Single-Core Score | | Multi-Core Score | | Geekbench 6.1.0 for Android AArch64 | | | | Result Information | | | | Upload Date | May 18 2025 05: ...