Investment Rating - Reiterate BUY with a SOTP-based target price of HK$22 19 [2][10] Core Views - Xiaomi's SU7 sales target of 100k units in 2024 and 10k monthly deliveries in June exceeded market expectations [2] - SU7 gross profit margin (GPM) target of 5-10% in 2024 is above expectations, with breakeven expected at 300-400k sales per year [2] - Xiaomi's unique "Human-car-home" ecosystem is a major competitive edge over peers [2] - Near-term catalysts include the Beijing Auto Show (25-27 Apr), 1Q24 results in May, and 10k SU7 monthly shipments in June [2] SU7 Sales and Expansion - SU7 non-refundable orders reached 70k, with a higher share of the high-end SU7 MAX model [2] - Xiaomi aims to expand its smart driving team to 1 5k/2k by 2024/25 from 1k currently [2] - EV sales/service centers are targeted to cover 46/82 cities by the end of 2024 [2] 2024 Guidance - Revenue guidance of RMB300bn for core business, with RMB24bn in R&D expenses (including RMB11-12bn for EV-related) [2] - Smartphone shipments target an increase of 15-20mn in 2024 compared to 146mn in 2023 [2] - 1Q24 smartphone shipments grew 34% YoY to 40 8mn [2] Financial Forecasts - FY24E revenue is projected at RMB321 495mn, with an 18 6% YoY growth [3] - Adjusted net profit for FY24E is estimated at RMB17 321mn, a 10 1% YoY decline [3] - FY24E EPS is forecasted at RMB0 70, with a P/E ratio of 21 5x [3] Valuation - SOTP-based valuation assigns 13x/10x/15x FY24E P/E to smartphone/AIoT/internet businesses, and 0 75x FY25E P/S to the EV business [10] - The target price of HK$22 19 implies a 37 2% upside from the current price of HK$16 18 [3][10] Peer Comparison - Xiaomi's FY24E P/E of 20 7x is higher than peers like BYD (8 8x) and Sunny Optical (25 9x) [12] - The company's market cap stands at HK$329 133 6mn, with a 3-month average turnover of HK$1 534 9mn [4] Financial Performance - FY23 revenue declined 3 2% YoY to RMB270 970mn, while adjusted net profit increased 126 3% YoY to RMB19 272 8mn [3] - FY23 ROE improved to 11 3%, up from 1 8% in FY22 [3] - FY24E gross profit margin is expected to be 19 0%, slightly lower than FY23's 21 2% [3]

Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [8]. Core Views - Xiaomi Group is strategically building a "human-vehicle-home" ecosystem, with cars becoming a crucial part of its strategy. The first model, Xiaomi SU7, is set to be launched on March 28, 2024, featuring competitive pricing and rich configurations [4][5][6]. - The company is focusing on electric smart core technologies and has made significant investments in R&D to lead the industry across five key areas: electric drive, battery, large die-casting, smart cockpit, and intelligent driving [6][39]. - Xiaomi aims to replicate Tesla's successful single-product strategy to create blockbuster models, with the SU7 already achieving impressive pre-order numbers [7][55]. Summary by Sections 1. Ecosystem Development - Xiaomi is developing a comprehensive "human-vehicle-home" ecosystem, with the car being a significant component. The company officially announced its entry into the smart electric vehicle market in March 2021, with CEO Lei Jun directly overseeing the electric vehicle business [4][12]. 2. Market Positioning - The Chinese passenger car market is expanding in the mid-to-high-end segments, with the high-end market growing faster than others. The demand for new energy vehicles is increasing, with penetration rates exceeding 30% [5][19]. - Xiaomi's automotive brand positioning is clear, focusing on high-performance eco-tech vehicles, with the SU7 targeting the mid-to-high-end market priced between 200,000 to 300,000 RMB [5][24]. 3. Core Technologies - Xiaomi is investing heavily in electric smart core technologies, covering five major areas: electric drive, battery, large die-casting, smart cockpit, and intelligent driving. The company has developed its own super motors and battery technologies, achieving industry-leading performance metrics [6][39][44]. 4. Product Competitiveness - The Xiaomi SU7 is positioned as a high-performance eco-tech sedan, with specifications that include a 0-100 km/h acceleration time of 2.78 seconds and a top speed of 265 km/h. The vehicle is equipped with advanced battery technology, achieving a range of up to 800 km [17][32]. 5. Sales Strategy - Xiaomi's sales strategy involves leveraging its extensive offline marketing and channel network, with over 10,000 Xiaomi stores established to support the automotive business. The initial sales and service network will cover 29 cities [28][29]. 6. Investment Opportunities - The entry of Xiaomi into the automotive market is seen as a significant step towards completing its ecosystem. The advanced technology and quality of the SU7, along with its marketing advantages, suggest a broad future sales potential. Related investment opportunities in the automotive supply chain are also highlighted [8][63].

投中网  >  汽车出行  >  正文 车圈粉丝互撕，泼天流量大战背后谁是赢家 Tech星球   |   王琳 2024-04-19 11:17:45 为了泼天流量能有多拼？ 作为新能源汽车圈的当红炸子鸡，小米SU7的一切都备受关注，几乎没有车企不羡慕小米SU7的泼天流量，哪怕“碰瓷”蹭上一点热度也是好的。 4月8日晚间，上汽集团旗下的智己汽车举行了一场技术发布会，主角为智己L6。这场发布会在多项技术参数和小米SU7“深度绑定”，但因为发布会上对小米SU7 Max 关键参数错误标注，以及歌颂苦难式的自我感动引发热议。 智己的直播间被负面评论刷屏。一位小米粉丝告诉Tech星球，因为气不过，自己也跑去智己微博下面刷评论，但评论很快被删除。在一个小米SU7意向车主群里，一位小米粉丝正在号召大家理性，“其实，现在就算不是我们评论的，别人也会认为是我们。” 黑红也是红。这波操作让智己L6发布仅仅40多个小时，就创造了不少于10个热搜话题。 不止智己，在每年都有车企来到生死边缘的当下，车企们渴望流量，毕竟酒香也怕巷子深。前有比亚迪与长城大战，现有智己VS小米。粉丝们会自发控评、反黑、打榜，在社交平台上不遗余力宣传 ...

Group 1 - Lei Jun, the founder of Xiaomi, distances himself from comparisons to Elon Musk, emphasizing the differences in their respective ventures [1] - During a live stream, Lei Jun showcased the Xiaomi SU7, engaging with customers and highlighting its features such as color options and battery efficiency [2][3] - Xiaomi's pre-orders for the SU7 show that nearly 20% of users chose the high-saturation color "Bay Blue," indicating strong consumer interest [3] Group 2 - The delivery of the non-founder version of the Xiaomi SU7 began on April 18, 12 days earlier than initially planned, due to higher-than-expected demand [5] - Xiaomi plans to increase its production target from 7,000 to 12,000 vehicles per month to meet demand [6] - Lei Jun noted that no electric vehicle manufacturer is currently profitable, highlighting the industry's challenges with cost and pricing [6] Group 3 - The competitive landscape is intensifying, with Huawei launching its Pura 70 series on the same day as Xiaomi's live stream, posing a significant challenge to Xiaomi [4][8] - In the first quarter of 2023, Tesla's vehicle deliveries fell to 387,000, marking an 8.5% year-over-year decline, the largest drop in nearly six years [7] - The domestic market is increasingly dominated by local brands, with Huawei surpassing Xiaomi in market rankings [9] Group 4 - Xiaomi is expanding its delivery centers from 29 to 40 cities by the end of 2024, indicating a strategic push in its automotive business [9] - Lei Jun hinted at the release of a new model equipped with a V8S super motor by the end of the year, although details remain confidential [9]

爽文男主雷军从他海湾蓝色的小米SU7下车，开启了小米汽车开售后的首场直播。而在直播正式开启前，已有40余万人进场、26万人同时在线观看预告 片，等待“雷神”的出场。 据雷军本人透露，直播初衷是因为有太多的“万万没想到”，小米SU7比想象的要成功三至五倍。27分钟大定突破50000台、24小时大定88898台——怎么不 算成功呢？尽管雷军自己认为，现在说“成功”还为时过早。 四月车圈的流量，多半是属于小米的。销量和流量的双重炸裂热度，一方面给竞对们带来了压力，另一方面也提供了刺激和启发。车圈大佬开始密集涌入 直播间和社交平台，学习小米和雷军的营销方式，从幕后走向前台。 01 当营销大师去做车：爽文人设风靡全网，30天涨粉450万 互联网上近期最火的爽文男主一定是雷军，或许没有之一。据新榜报道，坊间近日流传一份《小米SU7新车上市传播复盘报告》，其中提到小米汽车的营 销策略是借助雷军的个人IP影响力打造热搜话题矩阵，配合多场景高曝光资源引爆新车上市关注。 这份报告的准确性暂未得到验证，但雷氏营销的影响力的确有目共睹。 从去年12月的技术发布会后，雷军就在社交媒体上频繁提及和回答小米汽车相关问答。过去30天，雷军的 ...

4月17日，国内知名学府中山大学向外界宣布了一则知名校友向母校捐赠1亿元人民币的消息，这笔巨额的捐赠将用于支持学校的发展建设。 而此次出手阔绰的大佬，正是该校1986级校友林斌以及他的妻子、中山大学1986级校友刘向东。林斌豪掷重金回馈母校，离不开其多年打拼积攒下的巨额财富。 在不久前出炉的《2024胡润全球富豪榜》中，林斌以380亿元的财富位列榜单第595名的位次。不过，相较2021年的高光时刻，林斌的财富仍缩水了330亿元。 林斌是如何积攒下规模如此庞大的财富的呢？这就要从其参与小米创立的故事说起。彼时，林斌与雷军因业务合作关系结识，二人结识后很快便成为了很好的朋友。基于同样远大的志向，林斌最终放弃自己在谷歌的高薪工作，并倾注几乎全部身家毅然决然地加入了雷军的创业征程。 随着小米于2018年登陆港交所，并成功跻身为智能手机行业的头部玩家，雷军和林斌也在一夜之间实现了财富的跃迁。在今年的《胡润全球富豪榜》中，除了可以看到雷军和林斌的身影，还能寻到洪锋、黄江吉、黎万强等其它小米联合创始人的名字。 不过，如今还活跃在小米一线的联合创始人却变得越来越少。 1、小米副掌门林斌携妻子向中大捐赠1亿元 小米SU7的问 ...

随着传播技术跃迁、产业变革加速、造车新势力涌入，汽车营销范式正在改变。如何获得更高流量，成为车企营销不得不面对的现实挑战。流量并不等于销量，围绕产品和服务做差异化创新才是企业赢得市场竞争的真正密码。 尽管小米SU7上市已半月有余，但其引发的关注热度持续至今。从“大定”超预期到上汽智己被迫“三道歉”，从首批车主高调交付到手机支架起争端，一辆新车的上市成为社会关注的焦点，并火出圈外，并不多见。这体现了小米及创始人雷军的影响力和这家公司进入汽车赛道的独特性，也引发了业界对于流量的追逐与焦虑。 随着传播技术跃迁、产业变革加速、造车新势力涌入，汽车营销范式正在改变。人们过去奉为圭臬的“4P营销理论”遭到解构与重塑。大家开始抢话筒、比嗓门、拼流量，甚至为了流量不讲“武德”。如何获得更高流量，就成为车企营销不得不面对的现实挑战。 问题在于，流量是一把“双刃剑”。利用好了，确实可以助推一款产品热销，让更多潜在消费者熟知。相反，一旦“玩脱”，所带来的负面效应也是不可低估的。 其实，流量并不等于销量。汽车卖得好，可能是造型颜值高、技术领先、驾驶体验好、产品定位和定价精准等多重因素叠加的结果，而不仅仅是营销的功劳。人们常说，产品 ...

小米汽车的热度至今居高不下，路上的小米SU7频频刷屏，线下实体店人声鼎沸，体验样车也因为高强度“营业”，车上的某些零件提前步入老化阶段。很难想象百年造车历史长河，还能有多少这样的盛况。  然而庞大的进店量和订单量也让各路黑子找到了抹黑的点，他们坚信这只是小米汽车刻意营造的假象，小米SU7的热销存在许多水分。不过，小米汽车的第一份成绩单，给了外界有力的回应。  易车榜公布了小米SU7第一个完整销售周的销量，并围绕其主要竞争对手进行了销量盘点。小米SU7在该周的销量为2500辆，位列榜单第一。作为车圈新人，小米汽车超越了极氪001、极氪007、小鹏P7等新势力选手，让智界S7、阿维塔12也望尘莫及，狠狠打了唱衰小米汽车的人的脸。 而中国乘用车市场新势力品牌周销量TOP10榜单当中，小米汽车凭借2500辆跻身第六，超过了腾势、深蓝汽车、小鹏等品牌。  雷军曾宣布，小米SU7锁单量超过4万，势头还在不断上升。小通很高兴能看到国产新能源车的热销，但这样的盛况，小米还可以持续多久呢？ 01 友商降价“围剿”，敌不过小米泼天流量 早在小米SU7正式上市前，整个汽车行业已经战火纷飞，比亚迪牵头大搞降价，就像是对小米汽车 ...

小米SU7 发布不到20天，有太多的万万没想到：订单确实远超了我们最乐观的预期，霞光紫成为最火的颜色，女性车主占比非常高…… 昨天，雷军突然发微博，不仅汇报了一下小米SU7的成绩，还预告要在今天下午四点做一场直播。节点Auto全程围观了雷军的直播，发现了一些细节，这些细节关系着小米SU7的后续走向。 有太多意想不到 今天下午四点，雷军准时在抖音开始直播，直播间的人气很旺，刚开播观看人数就达到了10万+。不过刚开始时没做好准备，雷军讲话时能听到回音。 直播时，雷军先是带大家参观了小米汽车的交付中心，然后偶遇了一位正在提车的车主。这位车主表示，雷总的一句话打动了他，那就是“要有一台自己的车”，他之前都是开商务车。 在雷军的直播中，有车主透露了选择小米SU7的理由。比如有位车主是被小米品牌和雷军的个人魅力所吸引，选择了盲订。还有一位车主表示，自己被座舱打动了，它提供了很多扩展接口，可玩性很强。 雷军还给小米SU7的颜值带起了货，表示自己被颜值吸引，买了两辆小米SU7，其中一辆就是关注度很高的海湾蓝。 当然，雷军还提到了两个关键环节，那就是销量和交付，这两方面都可以用超预期来形容。 小米SU7率先交付的是创始版，雷 ...

4 月 18 日，在小米 SU7 正式上市发售后的第三周，小米创始人雷军在抖音进行了一场直播，在线参观并发布了小米汽车一款「大产品」——小米线下体验中心。 在直播过程中，雷军再次介绍了有关小米 SU7 的一些产品特点，包括配色、造型、研发等性能参数。 雷军为 3 位交付中心的车主亲自交车，并表示小米 SU7 创始版已经在多个城市完成交付，从今天（4 月 18 日）起开始在北京、深圳等地进行正式版交付。 雷军同时提到了一些用户偏好和用户画像的数据，直播中提到：小米 SU7 30% 的购车用户是女性，且高饱和度的「跑车色系」（即海湾蓝、熔岩橙）的选择占比大约达到了 20%。 对于近期的「全民公测」热潮，雷军特别提示了用户要注意驾驶安全，不推荐没有驾驶经验的朋友上赛道，并表示「正在研发一整套高性能的赛道套件」。 在介绍小米 V8S 超级电机的时候，雷军称这款电机「今年年底就会正式上车发布」。由于目前量产的小米 SU7 各版本只是分别搭载的小米自研的 V6 及 V6S 电机，所以我们也许可以从 V8S 的量产上车时间，推测出小米第二款汽车的时间节奏。此前，有媒体表示小米或将于今年年底发布 SUV 车型，但雷军在今天的 ...