德银大力唱多小米：汽车业务“从零到一”成功后，将有指数级增长！

华尔街见闻12-16

随着首款SUV车型即将上市，汽车业务未来将继续带飞小米？ 12月13日，德意志银行分析师Bin Wang、Laura Li和Edison Yu发布研报称，预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。德银...

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白交
12-17
白交
汽车业务会带领小米指数级增长[强]

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href=https://wallstreetcn.com/articles/3737027><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着首款SUV车型即将上市，汽车业务未来将继续带飞小米？\n12月13日，德意志银行分析师Bin Wang、Laura Li和Edison Yu发布研报称，预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。\n报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。\n\n德银...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3737027\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0499858438.USD","symbol_name":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) 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Yu发布研报称，预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。\n报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。\n\n德银预计，小米的净利润总额将以40%的复合年增长率增长，从2024年的200亿元增至2027年的547亿元，总营收以17%的复合年增长率达到2027年的9170亿元。\n\n小米电动汽车将成最大业务部门，SUV市场规模超过轿车\n新产品和细分市场方面，小米此前表示，计划在2025年中期推出“YU7”纯电动SUV。报告预计，到2027年，该款SUV年销量将达到40万辆。\n报告还表示，小米将在未来几年继续推出新款车型，预计在2026年推出全尺寸/大型SUV，在2027年再推出两款大型插电混动SUV，电动SUV市场规模将超过电动轿车市场，年销量达到35万辆，比小米SU725万辆的年销量预期高40%。\n\n报告还表示，小米在其主要业务——消费电子领域建立起的品牌知名度、庞大的客户基础以及卓越的在线营销能力为公司进入汽车市场提供了优势。\n门店方面，报告预计随着小米积极扩大线下分销渠道，门店将由今年一季度的60家扩大到四季度的200家。\n产能方面，报告预计北京工厂的产能将从2024年9月的15500辆增加到11月的24400辆，意味着年化产能为29万辆，预计新建的北京二号工厂将在2025年中期开始生产，总产能将从2025年的30万辆跃升至2027年的100万辆。\n\n不过，由于初始销量较少以及研发费用较高，德银预计小米电动汽车业务将在2024年出现亏损，但在2026年首次盈利，预计随着产品结构的完善和高价产品的引入，2024-2027年间实现平均售价（ASP）和盈利能力的持续增长。\n预计到2027年，小米电动汽车业务的毛利率将达25%，对总毛利和税前利润的贡献占比分别达到45.5%和42%，销量达到100万辆，成为集团最大的业务部门。\n风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":382613857210392,"gmtCreate":1734419701305,"gmtModify":1734419703473,"author":{"id":"4125562273855122","authorId":"4125562273855122","name":"白交","avatar":"https://static.tigerbbs.com/66c20df54d4968fb91d179120e358d62","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4125562273855122","authorIdStr":"4125562273855122"},"htmlText":"汽车业务会带领小米指数级增长[强]","listText":"汽车业务会带领小米指数级增长[强]","text":"汽车业务会带领小米指数级增长[强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382613857210392","repostId":2491658492,"repostType":2,"repost":{"id":"2491658492","kind":"news","pubTimestamp":1734333699,"share":"https://www.laohu8.com/m/news/2491658492?lang=&edition=full","pubTime":"2024-12-16 15:21","market":"hk","language":"zh","title":"德银大力唱多小米：汽车业务“从零到一”成功后，将有指数级增长！","url":"https://stock-news.laohu8.com/highlight/detail?id=2491658492","media":"华尔街见闻","summary":"德银认为，新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，预计到2027年，小米电动汽车业务的毛利率将达25%，对总毛利和税前利润的贡献占比分别达到45.5%和42%，销量达到100万辆，成为集团最大的业务部门。德银首次给予小米“买入”评级，并将其目标价上调至43港元。","content":"<html><body><p>随着首款SUV车型即将上市，汽车业务未来将继续带飞小米？</p>\n<p>12月13日，<a href=\"https://laohu8.com/S/DB\">德意志银行</a>分析师Bin Wang、Laura Li和Edison Yu发布研报称，<strong>预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。</strong></p>\n<p>报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/e9c14cf7-6308-43ca-9c42-007a0244161a.png\"/></p>\n<p>德银预计，小米的净利润总额将以40%的复合年增长率增长，从2024年的200亿元增至2027年的547亿元，总营收以17%的复合年增长率达到2027年的9170亿元。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/6b48538b-a627-404d-a34f-4523de75ee03.png\"/></p>\n<h2>小米电动汽车将成最大业务部门，SUV市场规模超过轿车</h2>\n<p>新产品和细分市场方面，小米此前表示，计划在2025年中期推出“YU7”纯电动SUV。报告预计，到2027年，<strong>该款SUV年销量将达到40万辆。</strong></p>\n<p>报告还表示，小米将在未来几年继续推出新款车型，预计在2026年推出全尺寸/大型SUV，在2027年再推出两款大型插电混动SUV，<strong>电动SUV市场规模将超过电动轿车市场，年销量达到35万辆，比小米SU725万辆的年销量预期高40%。</strong></p>\n<p><strong><img src=\"https://wpimg-wscn.awtmt.com/10bd5775-a348-4ef6-862d-933d68331250.png\"/></strong></p>\n<p>报告还表示，小米在其主要业务——消费电子领域建立起的品牌知名度、庞大的客户基础以及卓越的在线营销能力为公司进入汽车市场提供了优势。</p>\n<p>门店方面，报告预计随着小米积极扩大线下分销渠道，门店将由今年一季度的60家扩大到四季度的200家。</p>\n<p>产能方面，报告预计北京工厂的产能将从2024年9月的15500辆增加到11月的24400辆，意味着年化产能为29万辆，预计新建的北京二号工厂将在2025年中期开始生产，总产能将从2025年的30万辆跃升至2027年的100万辆。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/ccbd5667-43de-403f-9c6c-fe1945121733.png\"/></p>\n<p>不过，由于初始销量较少以及研发费用较高，<strong>德银预计小米电动汽车业务将在2024年出现亏损，但在2026年首次盈利，</strong>预计随着产品结构的完善和高价产品的引入，2024-2027年间实现平均售价（ASP）和盈利能力的持续增长。</p>\n<p>预计到2027年，<strong>小米电动汽车业务的毛利率将达25%，</strong>对总毛利和税前利润的贡献占比分别达到45.5%和42%，销量达到100万辆，<strong>成为集团最大的业务部门。</strong></p>\n<p><strong><img src=\"https://wpimg-wscn.awtmt.com/a91934b3-02d7-4f77-8f8a-62951d7aa350.png\"/></strong></p><div>风险提示及免责条款</div>\n<div>\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。\n          </div>\n</body></html>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n德银大力唱多小米：汽车业务“从零到一”成功后，将有指数级增长！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-16 15:21 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3737027><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着首款SUV车型即将上市，汽车业务未来将继续带飞小米？\n12月13日，德意志银行分析师Bin Wang、Laura Li和Edison Yu发布研报称，预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。\n报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。\n\n德银...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3737027\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg-wscn.awtmt.com/9313e042-1d36-4cdf-acd6-43a4aa80984f.jpeg","relate_stocks":{"81810":"小米集团-WR","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","BK1523":"武汉本地概念股","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","BK1193":"电脑硬件、储存设备及电脑周边","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","BK1521":"挪威政府全球养老基金持仓","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0052750758.USD":"富兰克林中国基金A Acc","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) 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SGD"},"source_url":"https://wallstreetcn.com/articles/3737027","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2491658492","content_text":"随着首款SUV车型即将上市，汽车业务未来将继续带飞小米？\n12月13日，德意志银行分析师Bin Wang、Laura Li和Edison Yu发布研报称，预计新产品、细分市场、门店及产能将为小米汽车业务带来指数级增长，并有望在未来两年进入纯电和混动SUV两个更大的细分市场。\n报告首次给予小米“买入”评级，并将其目标价上调至43港元，按上周五收盘价计，意味着小米股价仍有约37%的上涨空间。\n\n德银预计，小米的净利润总额将以40%的复合年增长率增长，从2024年的200亿元增至2027年的547亿元，总营收以17%的复合年增长率达到2027年的9170亿元。\n\n小米电动汽车将成最大业务部门，SUV市场规模超过轿车\n新产品和细分市场方面，小米此前表示，计划在2025年中期推出“YU7”纯电动SUV。报告预计，到2027年，该款SUV年销量将达到40万辆。\n报告还表示，小米将在未来几年继续推出新款车型，预计在2026年推出全尺寸/大型SUV，在2027年再推出两款大型插电混动SUV，电动SUV市场规模将超过电动轿车市场，年销量达到35万辆，比小米SU725万辆的年销量预期高40%。\n\n报告还表示，小米在其主要业务——消费电子领域建立起的品牌知名度、庞大的客户基础以及卓越的在线营销能力为公司进入汽车市场提供了优势。\n门店方面，报告预计随着小米积极扩大线下分销渠道，门店将由今年一季度的60家扩大到四季度的200家。\n产能方面，报告预计北京工厂的产能将从2024年9月的15500辆增加到11月的24400辆，意味着年化产能为29万辆，预计新建的北京二号工厂将在2025年中期开始生产，总产能将从2025年的30万辆跃升至2027年的100万辆。\n\n不过，由于初始销量较少以及研发费用较高，德银预计小米电动汽车业务将在2024年出现亏损，但在2026年首次盈利，预计随着产品结构的完善和高价产品的引入，2024-2027年间实现平均售价（ASP）和盈利能力的持续增长。\n预计到2027年，小米电动汽车业务的毛利率将达25%，对总毛利和税前利润的贡献占比分别达到45.5%和42%，销量达到100万辆，成为集团最大的业务部门。\n风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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