小米集团-W(1810.HK):志揽星河 初绽华彩

长江证券
Jul 27, 2025

[小Ta米bl家e_电Su:m战m略ar升y2级] ,规模突破小米集团以MIUI 系统为起点,历经十余年发展构建“人车家”生态闭环,而家电产品作为“家”生态的核心业务,近年来实现较好发展,对应2020-2024 年智能大家电业务收入CAGR 高达48.8%。凭借较强的自研能力与生态链布局,公司当前已基本实现家电全品类覆盖,其中白电与黑电以小米自主开发为主,其余品类基本采取生态链模式。我们认为,...

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