大和资本市场：将小米集团(01810.HK)目标价从60.00港元上调至65.00港元。 ...

大华继显：提高小米集团(01810.HK)目标价至66港元，首季经调整盈利有望创新高。 ...

恒生科技指数涨幅扩大至3%，小鹏汽车领涨，小米集团涨逾4%。 ...

恒生科技指数涨3%，小鹏汽车(09868.HK)涨5.28%领涨成分股，小米集团(01810.HK)涨4.1%，阿里巴巴 (09988.HK)涨3.66%，京东(09618.HK)涨3.28%。 ...

恒生科技指数涨超1%，小米集团涨超2%领涨成分股。 ...

小米集团 20250424 摘要 • 小米集团股价已调整至 2 月中旬水平，当前 44 港币上下波动被认为是相 对舒适的买入位，具备较好的投资机会。 • 小米在人车家生态布局全面，汽车业务表现突出，预计 2025 年交付情况 良好，2026-2027 年利润落地，汽车业务是公司增量价值的核心。 • 采用分部估值法，传统业务按 20 倍 PE 估值，对应 2025 年预计利润 390 亿左右，汽车业务参考同行业整车业务公司给予三倍 PS 估值，总体目标 价约为 56 港币。 • 看好小米 YU7 车型，预期销量大概率超市场预期，能拓宽生态壁垒，驱动 经销商开店热潮，预计 2026 年汽车销量将达到 84.8 万台，高于市场普遍 预期。 • 小米 YU7 车型上市后，超预期的订单数据、小米之家开店进展以及 AI 赋 能全终端产品进展将成为股价催化剂。 • 预计小米 YU7 车型稳态年销量可达 36 万辆，随着产品型号丰富，汽车销 量提升将提高汽车业务毛利，预计 2025 年汽车业务利润超 100 亿元。 • 预计小米 2025-2027 年营业收入分别为 4,818 亿元、6,365 亿元和 7,165 亿元；经 ...

Group 1 - The core message of the article is that Xiaomi Group's public relations manager Wang Hua has refuted rumors regarding the delay of the YU7 product launch, confirming that the release timeline remains unchanged, scheduled for June to July of this year [1]

17 April 2025 | 6:40AM HKT Xiaomi Corp. (1810.HK) Buy EV factory Phase II ready for production and YU7 timeline on track; Strong China sales momentum to partially offset overseas uncertainty; Buy On Apr 15, Phase II of the Xiaomi EV factory in Beijing received the acceptance note from Beijing Municipal Commission of Planning and Natural Resources after 9 months' construction (Exhibit 1), which in our view implies that the Phase II factory will likely commence trial production within the next month. We belie ...

还是大家对于小米造车的这样的一件事的预期也好其实都有过很多的一个波折那么我们相信小米还是能够实现全球前五这样的一个造车的一个长期目标那么今天非常的高兴能够和电子分析师一体来以公司报告的形式对于小米集团来进行一个中长期的中间的一个展望以及估值的一个测算 那么我想呢就是小米汽车未来的一个造车之路包括它的市值表现呢可能还会有波折那么我们这次的一个分享会尝试从一个中长期的一个竞争壁垒的一个维度来进行分析给各类投资者一个参考下面有请我的同事黄根海和徐勇分别从汽车和电子这两方面的业务来进行具体的一个分享 好的谢谢达恩老师的开场白那么各位投资者大家晚上好那么我是平安站的汽车行业分析师王德海那么上面由我跟大家简单分享一下我们对于小米提示的一些观点以及未来的一些判断那么我今天的分享其实主要想给各位投资者解答三个疑问一个就是我们觉得小米其实它的优势是在哪里那么第二点就是我们觉得小米是它未来的 规模潜力能达到什么样的程度那么第三点是我们觉得应该怎么给小米机身的这块业务怎么给它布置 那么那么首先是讲第一点那么其实大家也可以看到啊那么去年去年三月份那么小米苏7是上市那么呃在整个2024年那么小米的销售的所占量是达到21.8万台但是呢它 ...

Summary of Conference Call Notes Company and Industry - The conference call primarily discusses **Xiaomi**, focusing on its **smartphone** and **automobile** businesses, as well as its overall market strategy and performance. Key Points and Arguments Smartphone Business - The **gross profit** from the smartphone segment is crucial for the company's profitability, with a significant increase in sales following the launch of the **Xiaomi 15** model, which boosted overall sales volume and average selling price (ASP) [1][2] - The **gross margin** for smartphones is expected to improve due to cost optimization and a shift towards higher-end models, indicating a trend of decreasing volatility in gross margins as Xiaomi enhances its supply chain management [2][3] - Xiaomi's strategy emphasizes balancing **scale and profit**, focusing on operational efficiency alongside growth, which has shown positive results in cost control [3][4] Automotive Business - The company is making strides in its **automotive segment**, with significant R&D in core components like motors, batteries, and vehicle design, indicating a commitment to innovation [5][6] - The **Xiaomi YU7 SUV** is anticipated to be a strong performer, with expectations of reaching profitability by Q3 2023 as production ramps up [11][14] - The automotive supply chain in China is noted to be highly competitive, allowing Xiaomi to produce high-quality electric vehicles at lower costs compared to traditional fuel vehicles [8][9] Research and Development - Xiaomi's R&D investment has increased tenfold, from **3 billion** to **30 billion** annually, supporting its product development and innovation capabilities [7][10] - The company is positioned well in the AI space, with potential applications in smartphones, automobiles, and IoT products, which could enhance user engagement and sales across its product lines [12][17] Market Expansion and Global Strategy - Xiaomi is accelerating its **overseas expansion**, aiming to establish a significant retail presence, including **20,000** physical stores globally, to replicate its domestic success [13][14] - The company is also focusing on high-end smartphone markets, with the **Xiaomi 15 Ultra** positioned to compete directly with premium brands like Apple [9][10] Financial Outlook - Analysts predict a potential market capitalization of **1.5 trillion** based on sustained growth in traditional and automotive sectors, with expectations of continued profitability and revenue growth [16][18] - The overall market sentiment is cautiously optimistic, with Xiaomi's valuation supported by low domestic interest rates and a favorable investment environment [19][20] Risks and Considerations - Potential risks include fluctuations in the U.S. stock market, which could impact investor sentiment towards technology stocks, including Xiaomi [25][26] - The company must navigate competitive pressures while maintaining its growth trajectory and profitability across its diverse product lines [24][25] Other Important Content - The call highlighted the importance of **consumer behavior**, noting that many customers purchase Xiaomi products without prior testing, indicating strong brand loyalty and market confidence [22] - The discussion also touched on the broader implications of Xiaomi's strategies for the technology sector in China, emphasizing the shift towards high-end and global market positioning as a key trend [14][23]