金吾财讯 | 兴业证券发研报指，小米集团(01810)25Q1营收1112.93亿元人民币(YoY+47.4%，QoQ+2.1%)，Factset一致预期为1,090亿元人民币，净利润108.93亿元人民币(YoY+161.0%，QoQ+21.1%)，Factset一致预期为94.77亿元人民币，Non-IFRS净利润106.76亿元人民币(YoY+64.5%，QoQ+28.4%)，Factset一致预期为77.45亿元人民币。其中智能电动汽车调整净亏损5亿元人民币。该机构续指，SU7季度出货量75,869辆，新车型YU7正式发布，预计7月上市。公司智能电动汽车及AI等创新业务25Q1收入185.80亿元人民币(去年同期2600万元，QoQ+11.5%)，毛利率23.2%(YoY+10.6pcts,QoQ+2.8pct)。公司25Q1SU7新车出货量达到75,869辆，累计交付量达到258,000辆，25Q1平均价格达到238,301元，公司于5月推出新车型YU7，定位豪华高性能SUV，预计7月上市。该机构看好公司IOT、新车型YU7的产品竞争力，并预计业务盈利能力将在产品力提升、规模经济等因素支撑下逐步提升；长期看，公司自研芯片、自研AI模型等布局都在逐步深化硬实力基础，并有望与公司全方位的多终端布局结合，形成生态护城河。预计公司2025-2027年营收分别为5,054/6,205/7,177亿元，调整归母净利润分别为453/586/713亿元。维持“买入”评级。
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