小米集团-W(1810.HK)：志揽星河初绽华彩

长江证券2025-07-27

[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，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2554712252?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-27 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2554712252","market":"hk","top_or_hot":-1,"title":"小米集团-W(1810.HK)：志揽星河 初绽华彩","media":"长江证券","content":"<div>\n<p>[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，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250727103116a6c39ff8&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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\" />\n<title>小米集团-W(1810.HK)：志揽星河 初绽华彩</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #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小米集团-W(1810.HK)：志揽星河 初绽华彩\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-27 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250727103116a6c39ff8&s=b><strong>长江证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>[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，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250727103116a6c39ff8&s=b\">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":"LU0823397285.USD","symbol_name":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250727103116a6c39ff8&s=b","article_id":"2554712252","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250727103116a6c39ff8&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2554712252","pubTimestamp":1753545600,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"另一方面，头部企业近年来更加注重盈利质量，前者价格的向上偏离释放了较好的生态位红利，同时使小米的性价比优势进一步凸显。基于小米智能手机以及IoT 业务基本盘有望持续实现较高增长，以及新业务汽车迅速放量，我们预计公司2025-2027 年归母净利润分别为423.90、557.49 和700.84 亿元，对应PE 估值分别为32.6、24.8 和19.7 倍，维持“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81810":"小米集团-WR","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","BK1523":"武汉本地概念股","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","BK1506":"5G概念","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK1502":"双十一","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1720050803.USD":"安联全方位中国股票基金","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","01810":"小米集团-W","BK1618":"Manus概念股","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1193":"电脑硬件、储存设备及电脑周边","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","XIACY":"小米集团ADR","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","XIACF":"Xiaomi Corp.","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1575":"同股不同权","HXXD.SI":"Xiaomi HK SDR 2to1","LU0823426480.USD":"法巴中国股票经典Dis","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC"},"translate_title":"Xiaomi Group-W (1810. HK): The galaxy is beginning to bloom","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"XIACY":0.6,"MIUmain":0.6,"XIACF":0.9,"01810":1,"HXXD.SI":0.6},"content_text":"[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，无论是从顶层战略、组织架构或具体打法出发，家电业务已成为公司重要战略组成部分。外因：差异定位，顺势卡位面对国内家电行业长期固化的竞争格局，我们认为小米之所以能够快速取得突破，消费环境偏谨慎以及龙头策略转向是两个重要的客观因素。一方面，近几年外部环境相对偏弱，更多消费者开始选择高性价比供给，小米目标客群快速扩张，带动其市场份额快速提升。另一方面，头部企业近年来更加注重盈利质量，前者价格的向上偏离释放了较好的生态位红利，同时使小米的性价比优势进一步凸显。内因：生态助力，创新突围外部环境利好性价比品牌是一方面，但无论是较快的份额提升节奏，还是高端化战略的短期顺利落地，都表明小米家电的竞争力正逐步受到市场认可。我们认为小米家电的竞争力主要体现在三个方面：其一，在生态链模式实现品类快速裂变的基础上，小米AIoT 通过深度技术整合与场景化协同，加速了用户黏度与忠诚度的形成；其二，小米爆品模式使其在成本与费用端相较同规模企业具备一定相对优势，形成对消费者的让利；其三，小米具备较强的营销与用户运营能力，高知名度与影响力的加持下，公司可以实现用户需求的快速捕捉。潜力：初具基础，前景可期展望未来，我们认为小米家电具备较大增长潜力。具体来看，行业空间方面，我们预计现阶段国内白电（除空调）、黑电及偏必选厨电渗透率相对较高，环电与清洁电器仍有较大空间，而小家电或存在一定分化；公司方面，单国内线上市场来看，小米在空调、洗碗机、电烤箱等领域行业、份额、结构空间兼具，增长确定性较强。同时，随着国内线下渠道体系的优化以及大家电产品全球化的推进，我们认为公司家电业务长期增长可期。投资建议：把握多元发展潜力龙头公司全球领先的“人车家”智能终端平台布局已经形成，在品牌生态的推广下IoT 业务稳步增长。聚焦家电业务，近年来偏谨慎的消费环境与龙头重盈利的行业特征赋予了小米较好的发展环境，同时公司自身也凭借生态链模式、爆品模式、较强的营销与用户运营能力等构建了较强的相对竞争优势，随着高端化与全球化战略的推进，公司家电业务或长期为公司提供较强的增长势能。基于小米智能手机以及IoT 业务基本盘有望持续实现较高增长，以及新业务汽车迅速放量，我们预计公司2025-2027 年归母净利润分别为423.90、557.49 和700.84 亿元，对应PE 估值分别为32.6、24.8 和19.7 倍，维持“买入”评级。风险提示1、宏观经济波动风险；2、海外业务运营风险；3、市场竞争加剧导致盈利回落风险；4、盈利预测假设不成立或不及预期的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2554712252","isCrawlerRequest":true}

小米集团-W(1810.HK)：志揽星河 初绽华彩

精彩评论

小米集团-W(1810.HK)：志揽星河初绽华彩