小米集团-W(1810.HK):小米汽车全生态闭环 爆款大单品趋势尽显

Xiaomi Group-W (1810.HK): The trend of Xiaomi's full-ecosystem closed-loop hot single products is showing

長江證券 ·  Apr 22

Xiaomi cars are ready to go, creating a closed loop of the entire ecosystem of “people and cars”

The Xiaomi Group's strategy is to create a closed loop for the entire ecosystem of people and cars, and cars have become an important part of Xiaomi's strategy. In March 2021, Xiaomi officially announced the launch of the smart electric vehicle business. Xiaomi Group CEO Lei Jun directly led the electric vehicle business. Xiaomi officially unveiled the first eco-tech sedan, the Xiaomi SU7, on March 28, 2024. The pricing at the press conference was excellent, and the rich configuration highlighted the competitiveness of the product.

Independent luxury has entered the fast track, and the Xiaomi ecosystem has built a high-end brand. The Chinese passenger car market is characterized by the continuous expansion of the middle and high-end market, and the high-end market is leading the growth rate. The smart electric era independently leads the continuous expansion of the high-end market. Demand for new energy sources is rising, and the penetration rate continues to exceed 30%. The C-class pure electric market is still small, and the growth rate has maintained rapid growth in recent years. Along with the increase in overall scale, the future pure electric C-class market space is broad. The Xiaomi car brand positioning is clear, combining technology, brand, channels and ecological advantages to create a high-performance eco-technology car. Xiaomi has adopted a big single product strategy. The first model, the Xiaomi SU7, is positioned as an eco-technology sedan with advantages such as high performance, long battery life, and aesthetic design. The product power is expected to surpass the model's benchmark in the 20-30,000 range of pure electric B-C classes, and its market share in the middle and high-end market is expected to increase rapidly.

Core technology+intelligence to ensure product competitiveness

Xiaomi Auto focuses on the core technology of electric intelligence. The company invests heavily in R&D to lead the industry, covering five major tracks: electric drive, battery, large die-casting, smart cockpit, and intelligent driving. 1) Electric drive: Equipped with a self-developed supermotor, the performance speed has reached the leading level of the industry. 2) Battery: Cooperate with Ningde Times to develop its own CTB battery technology to create a new 800V high voltage platform. 3) Large die-casting: Xiaomi Motor develops a full-stack 9100t large die-casting cluster on the manufacturing side, and develops its own large die-casting material, the Xiaomi Titan alloy, on the material side, achieving a double breakthrough in manufacturing and materials. Currently, it is the only automobile manufacturer in China that can mass-produce self-developed large die-cast materials. 4) Smart cockpit: Based on Xiaomi Surge OS, create a human-centered operating system for the entire ecosystem of people and cars. 5) Intelligent driving: Self-developed technologies are all based on the 11V+ Orin hardware platform, using zoom BEV sensing technology and an end-to-end large model. The Xiaomi Smart Driving Max Edition will be launched in cities NOA this year. The goal is to start user testing in April, launch in 10 cities in May, and launch nationwide in August.

Big hit single products, big hits, Xiaomi may be expected to replicate Tesla's explosion

Tesla is a pioneer in the global NEV industry. In terms of sales, Tesla has adopted a large single product strategy that is conducive to achieving scale effects, representing the sedan model Model 3 and the SUV model Modely. Xiaomi is expected to replicate Tesla's big single product strategy to create popular models. On March 28, 2024, the Xiaomi SU7 officially released pricing. Sales orders continued to reach new highs, breaking 10,000 units in 4 minutes, 50,000 units in 27 minutes, and 88,898 units in 24 hours.

Investment proposal: The official entry of Xiaomi Motors is expected to become a key step in the official entry of Xiaomi Motors, an important investment direction in the industrial chain, to achieve a complete closed loop of “people and cars” ecology. The model has advanced technology, excellent product quality, remarkable marketing channel advantages, and broad scope for future sales. Top recommendation: Xiaomi Group. Recommendations related to the automotive industry chain: Tuopu Group, Jingwei Hengrun, Molding Technology, Yinlun Co., Ltd., Desai Xiwei, Huayu Auto, etc. In the future, along with the release of SU7 models and the launch of other models following the launch of Xiaomi, related industry chains are expected to show greater revenue elasticity.

Risk warning

1. Economic recovery is weaker than expected;

2. The growth rate of the high-end passenger car market falls short of expectations;

3. Sales fell short of expectations due to increased competition in the industry;

4. Order production and delivery fell short of expectations.

The translation is provided by third-party software.

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