【券商聚焦】国盛证券重申小米集团(01810)“买入”评级 指其创新不停

金吾财讯
Aug 11, 2025

金吾财讯 | 国盛证券研报指,Canalys发布2025Q2全球手机和平板销售数据。2025Q2,全球手机出货量约2.889亿部,同比基本持平。小米集团(01810)手机2025Q2出货量达4240万部,较去年同期4230万部实现增长,全球市占率15%稳居前三。2025年618大促,小米集团全渠道累计支付金额突破355亿元,刷新小米历年大促纪录。6月26日,小米汽车正式发布豪华高性能SUV车型YU7。YU7全系标配700TOPS英伟达Thor芯片x1、激光雷达x1、4D毫米波雷达x1、高清摄像头x11、超声波雷达x12。YU7标准版/Pro/Max版定价25.35/27.99/32.99万元,一经推出便需求旺盛。小米官方表示,3分钟大定突破20万台,18小时锁单突破24万台。虽然整车市场竞争激烈,但YU7进一步验证了小米汽车产品力、加强了人车家生态联动的正循环。该机构预计2025-2027年:1)公司收入为4751/6189/7439亿元,yoy+30%/+30%/+20%。2)经调整净利为408/572/741亿元。基于消费电子主业20x2026eP/E、汽车2.5x2026eP/S、该机构给予小米集团合理目标价64港元,重申“买入”评级。

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