Group 1 - The core viewpoint of the article highlights that Xiaomi's SU7 is expected to be a blockbuster upon its launch in 2024, with the company establishing a comprehensive ecosystem that integrates "mobile × AIoT" and smart electric vehicles, driving growth in both sectors [1][2] - Xiaomi's smartphone business is projected to generate revenue of 191.8 billion yuan in 2024, with a global shipment ranking of third, and an increase in average selling price from 973 yuan in 2019 to 1,138 yuan in 2024, indicating the success of its high-end strategy [1] - The company is focusing on self-research and development to strengthen its competitive advantage, with the launch of its first self-developed smartphone chip, Xuanjie O1, utilizing TSMC's second-generation 3nm process, featuring 19 billion transistors [1] Group 2 - The IoT and consumer products segment is entering a rapid growth phase, with smart home appliances experiencing significant expansion, and the company leveraging its "home" ecosystem to create a strong flywheel effect [1] - The automotive segment is expected to see rapid development, with the SU7's performance and pricing advantages over competitors, and the upcoming launch of the YU7 electric SUV in July 2025, which is anticipated to become another bestseller [2] - The company is projected to achieve annual revenue of 478.6 billion yuan in 2025, with a year-on-year growth of 30.8%, and net profit of 42.9 billion yuan, reflecting a significant increase of 81.3% [2]

机构：长江证券 研究员：杨洋/高伊楠/张永乾 事件描述 智能手机：时隔十年重回中国大陆销量第一，高端化成效凸显。2025Q1 小米集团手机业务营收506 亿 元，同比+8.9%，毛利率12.4%。销量角度看，2025Q1 小米智能手机全球总销量4180 万台，同比 +3.0%，连续7 个季度出货量同比增长。全球市占率14.1%，同比提升0.3pct；中国大陆销量1330 万台， 同比+40.0%，市占率18.8%，时隔十年重回第一。价格方面，25Q1 小米手机均价1210.5 元，同比提升 5.7%。在规模进一步扩张的同时，小米手机高端化取得卓越成效，25Q1 小米在中国大陆销售高端机型 占小米总销量25%，同比提升3.3pct；4000 元以上机型占中国大陆市场份额9.6%，同比提升2.9pct； 4000-5000 元机型份额达到24.4%位列第一，同比提升4.6pct。小米智能手机高端化取得卓越成效，一方 面来源于小米汽车持续出圈突出品牌效应，另一方面来源于线下新零售模式的发力，25Q1 中国大陆智 能手机线下份额达到12.1%，同比提升3.2pct。 IoT 业务：2025Q1 公司IoT 与生活消费 ...

Core Insights - In Q1 2025, the company's revenue reached 111.3 billion yuan, a year-on-year increase of 47%, with adjusted net profit at 10.7 billion yuan, up 64%, marking a historical high [1] - Gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a historical high [1] Smartphone Business - Smartphone revenue in Q1 2025 was 50.6 billion yuan, a 9% year-on-year increase, with a gross margin of 12.4% [1] - Global smartphone shipments increased by 3% to 41.8 million units, capturing a market share of 14.1%, ranking among the top three globally [1] - In mainland China, market share increased by 4.7 percentage points to 18.8%, reclaiming the top position in shipments after ten years [1] - The high-end strategy showed significant results, with high-end models accounting for 25.0% of total sales, up 3.3 percentage points year-on-year [1] - The company launched the new flagship model 15S Pro in May 2025, featuring the self-developed Xuanjie O1 chip [1] IoT and Consumer Products - Revenue from IoT and consumer products reached 32.3 billion yuan in Q1 2025, a 59% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points [1] Other Business Segments - Tablet shipments increased by 56%, and revenue from smart home appliances surged by 114% in Q1 2025 [2] - As of March 31, 2025, the company's AIoT platform connected approximately 940 million IoT devices (excluding smartphones, tablets, and laptops), a 20% year-on-year growth [2] - Internet services revenue reached 9.1 billion yuan in Q1 2025, a 13% year-on-year increase, with a gross margin of 76.9%, up 2.7 percentage points [2] - Monthly active users globally reached 720 million, a 9% year-on-year increase, with smart TV users at 73 million, up 8% [2] Automotive Business - Revenue from smart electric vehicles and AI-related businesses was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The SU7 series delivered 75,900 new vehicles in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company introduced its first luxury high-performance SUV, the YU7, in May 2025, set to launch in July [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share of 1.35, 1.82, and 2.27 yuan for 2025-2027, adjusting previous estimates due to revenue and margin updates [2] - Maintaining a comparable company PE valuation of 38 times for 2026, the target price is set at 75.52 HKD, with a buy rating [2]

以下文章来源于刺猬公社 ，作者刺猬公社编辑部 刺猬公社 . 互联网内容行业观察与研究 图源丨Midjourney 2024年，对中国互联网行业来说，是异常热闹的一年。 中关村创业大街的路演上，元宇宙项目几乎销声匿迹，取而代之的是AI短剧、AI网球训练、AI教育…… AI+一切。大厂也在AI战场厮杀，砸下重金，投入资源，招兵买马——对在校生来说，大模型方向成 为"显学"，取代推荐算法，成为就业市场的头一号金字招牌。 但AI尚在投入期，回到赚钱这件事上，互联网大厂的主动脉，还是那些成熟业务。"财报季"到来，互联 网大厂在近期集中发布了自己的季度和年度业绩。我们也得以从中一瞥，那些互联网大厂们过去一年都 干得怎么样，有没有真的挣到钱，靠什么挣到了钱。 首先是这些大厂在过去的2024年里，实打实的收入和利润情况： | 单位: 亿元 | 2024年营收 | 同比增速 | 归母净利润 | 同比增速 | | --- | --- | --- | --- | --- | | 京东 | 11588 | 7% | 414 | 71% | | 阿里巴巴* | 9818 | 6% | 1204 | 20% | | 腾讯 | 6603 ...

点击 关注我们 报告发布日期：2025年3月21日 报告名称:《 小米集团-W（01810.HK）-2024年营收利润创历史新高，人车家全生态战略全面落地 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年业绩超预期，营收利润大幅增长 2024年公司总营收3659亿元（YoY +35%），经调整净利润272亿元（YoY +41%）。其中，4Q24营收1090亿元 （YoY +49%，QoQ +18%），经调整净利润83亿元（YoY +69%，QoQ +33%）。2024年公司总营收及净利润 实现高速增长，均创历史新高。分业务看，2024年智能手机、IoT与生活消费产品、互联网服务、智能电动汽 车业务营收占比分别为52%/29%/9%/9%。2020-2030公司新十年目标大规模投入底层核心技术，致力于成为新 一代全球硬核科技引领者，2024年公司研发支出 ...

以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜视觉中国 2022年，智能手机营收降至1672亿元，出货1.5亿部、ASP为1111元； 2023年，智能手机营收降至1575亿元，出货1.46亿部、ASP小幅降至1082元； 2025年3月18日，小米集团（ HK：01818 ）披露了2024年年度业绩——营收3659亿、同比增长35%；净利润235.8亿、同比增长34.9%；全年智能手机 出货超1.68亿、同比增长30%；电动车交付13.7万辆、超额完成原定目标（ 10万辆 ）。 回顾那个著名的"赌约"：2019年小米、格力营收分别为1749亿和1981亿，"米格指数"为88%；2020年这个指数达104；2021年冲高到175；2023年回落 到133（ 注：格力尚未披露2024年报 ）。 财报中，小米将原有的全部业务——智能手机、IoT与生活消费产品、互联网服务，打包为"手机X AIoT"，并将智能电动汽车等创新业务单独披露。 这样划分很容易让人联想起"新大陆"与"旧大陆"。但 ...

点击上图 ▲立即预约 部分银行消费贷利率降至2.49% 3月18日消息，北京银行、宁波银行等部分银行消费贷叠加限时优惠券后利率已降至年化2.5%，最低可至2.49%。从公开信息来看，近期个人消 费贷款利率下行趋势明显。本月上旬，江苏银行推出新客年化利率低至2.58%的消费贷产品，一度刷新行业新低。半月不到，消费贷市场利率已 再探新低。 招商银行、浦发银行、平安银行等近期也针对旗下消费贷产品陆续推出限时优惠券，前后半月不到，利率优惠相差近10个基点。开年以来，主流 商业银行个人消费贷利率已先后跌破"2.6"和"2.5"两个关口。（财联社） 北京宅地楼板单价突破10万元 ｜点评｜ 1年期的政策利率（LPR）目前为3.1%，"2字头"的消费贷如果算上银行运营成本、可能出现的不良贷款等成本，银行可能只是赔本赚 吆喝。想要获得超低利率的消费贷，往往有重重限制，比如新客、征信流水情况良好等，很多被广告吸引的客户最后到手的利率都会有些许上 浮。无论如何，消费贷利率已经呈现出下降趋势。 居民和企业信贷需求疲软，银行不得不采取让利的方式，吸引更多潜在客户。同时，这也是银行积极响应降低信贷成本号召的表现。对于银行部 门来说，对于 ...