小米急需多个爆款_老虎社区_美港股上老虎

小米急需多个爆款

21世纪经济报道05-27 20:12

今年一季度是小米进入新五年的第一个完整季度，这一季度从收入到毛利再到经营利润、净利润，同比、环比均下滑，这个成绩对小米来说并不算完美开局。　　财报显示，小米一季度总营收实现991亿元，同比下跌10.9%；经调整净利润也从106.8亿元回落至60.7亿元，跌幅43.1%；毛利为218.1亿元，同比下跌14.2%；而最具冲击力的是经营利润，直接从去年同期的131.3亿元跌至53.1亿元，跌幅达...

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explosions","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/0e5bc59c4ba4e2f8979a3fcb7fc600ad","symbols_score_info":{"81810":0.6,"MIUmain":0.6,"01810":1.96,"XIACY":1.96,"HXXD.SI":0.6},"content_text":"今年一季度是小米进入新五年的第一个完整季度，这一季度从收入到毛利再到经营利润、净利润，同比、环比均下滑，这个成绩对小米来说并不算完美开局。　　财报显示，小米一季度总营收实现991亿元，同比下跌10.9%；经调整净利润也从106.8亿元回落至60.7亿元，跌幅43.1%；毛利为218.1亿元，同比下跌14.2%；而最具冲击力的是经营利润，直接从去年同期的131.3亿元跌至53.1亿元，跌幅达59.5%。 　　虽然整体业务数据都呈下降趋势，但汽车业务却成为整个集团里的唯一增量业务。一季度，小米智能电动汽车及AI等创新业务录得营收199亿元，在集团总营收中的占比已经提升至20%，正式成为小米的第二大支柱。　　拿到这个成绩并不容易。　　一季度向来都是传统汽车行业的销量淡季。乘联会数据显示，一季度国内乘用车累计零售423.6万辆，同比下跌17%。这是近十年来，除去2020年疫情黑天鹅之外，最惨淡的一份季度成绩单。其中，新能源车共售出184.4万辆，同比下跌24%。　　而这一季度，小米汽车为了完成新老SU7的切换，2月中旬停售停产老SU7，3月19日才正式发布新SU7，将近一个月小米都只有比SU7价格更高的YU7系列在售。即使在新老车型切换、政策退坡的情况下，小米汽车依然实现了一季度交付超8万辆的成绩，营收占比从17%提升至20%。　　新一代SU7季度末上市，在配置大幅度提升的情况下，即使售价比老款多了4000元，首销期内也拿到了锁单8万台的好成绩。“这说明我们汽车业务经受住了严峻的挑战，已经走出了最艰难的时刻。”小米集团总裁卢伟冰在财报会上强调。　　一季度，智能电动汽车及AI等创新业务毛利率为20.1%。从行业整体来看，小米汽车的毛利率并不差。做个对比，一季度蔚来的综合毛利率是19%，零跑的毛利率是9.4%。但小米去年同期是23.2%，上一季度是22.7%，同比、环比分别下降3.1个百分点、2.6个百分点。　　对此，官方给出的解释是受车辆购置税补贴、SU7Ultra交付占比下降以及核心零部件价格上涨影响。也就是说，这一季度小米的高毛利车型卖少了，低毛利车型占比被动拉升，再加上成本端涨价，整体毛利才有所下降。　　为什么单一车型交付下降会对小米汽车的整体毛利影响如此之大？　　汽车企业向市场推出产品，有两类打法：一类是爆款模式，即用单一爆款车型去打透细分市场，特斯拉走的便是这种路线；另一类是全产品线的模式，即采用车海模式，在不同的价格段铺各类产品，通过提供多样化的选择去尽可能铺开市场。　　小米汽车采取的便是爆款模式。“我们不会做很多款车，而是要聚焦把几款车做好。”雷军曾在SU7发布会上表示。　　爆款模式在前期的优势非常明显，车企可以通过对单个细分市场的用户洞察，用一款产品打爆市场，再通过规模效应摊薄制造成本。但也存在困境，比如过于依靠单一爆款车型，一旦外界环境发生变化，或者车型的交付节奏产生波动，都会放大为整个业务线的毛利波动。　　一季度，当老款SU7停售之后，只有YU7系列在售。数据显示，YU7在2025年12月交付约3.9万台峰值后，2026年1月仍维持3.7万台高位并夺得了当月中国乘用车单车型销量冠军；而接着2月YU7交付了约2万辆，环比下降46.6%；3月估算交付约1万台，较峰值下降超六成。一款车从月销近4万滑向月销1万，用了一个季度。　　与此同时，一季度，汽车及其他创新业务实现经营亏损3亿元，而在前两个季度，该项业务分别盈利7亿元、盈利11亿元。　　对于已经实现了两个季度盈利的小米汽车来说，资本市场已经开始用“盈利”的逻辑去看小米，光是交付量同比增长还不够，还需要看交付量能不能撑起PE倍数。2026年，小米汽车的目标是全年交付55万台，但一季度完成率不足15%，小米依然有压力。　　一季度，小米汽车在新势力排行榜里以7.86万辆的交付量位列第四，前三分别是零跑汽车（11.02万辆）、理想汽车（9.51万辆）、NIO\" target=\"_blank\" web=\"1\">蔚来汽车（8.35万辆）。　　前三名的车企里，几乎每一家都有多条产品线在在市场上争夺销量：零跑汽车背后有五条产品线，理想也有L9、8、7、6以及i6、i8、MEGA多款车型，蔚来更是主品牌叠加萤火虫、乐道两大子品牌，车型矩阵超过六个系列。　　可小米造车五年，直到现在，产品线依然只有两条——SU7系列、YU7系列。　　小米也意识到了这点。5月21日，小米在发布YU7系列里更贵的车型YU7 GT时，也重新发布了YU7标准版，搭载73kWh磷酸铁锂电池，CLTC续航643公里，价格下探至23.35万元，比Model Y入门版续航多50多公里，但要便宜1.5万元。　　今年下半年，市场有声音称，小米将发布全新独立子品牌“寻天”，内部代号昆仑N3，预计搭载超70度大电池，价格会下探至20万元。　　下一个五年，小米所面临的成本周期、需求周期和竞争周期只会升级，不会趋缓。对小米而言，当手里的牌越来越多，赌注也越来越大，未来将会变得更加不确定。　　小米也正在用不断的投入去减少不确定性。一季度，小米的研发开支达90亿元，同比增长33.4%。公司研发人员总数达到26048人。　　YU7 GT发布会上，雷军称，未来五年，小米计划再投入至少2000亿元，以芯片、OS、AI三大核心技术为底座，全面驱动人车家全生态升级。“五年后的小米一定会再上一个大台阶。”　　“小米曾经历过两个比较大的困难周期，一个是2014年到2016年，一个是2022年到2023年，但每经过一个困难周期，小米都会变得更加的强大，实现了更强劲的增长。所以越是在短期承压的时候，越是能检验一家公司的战略定力、组织能力和执行效率。”卢伟冰在财报会上强调。（文章来源：21世纪经济报道）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}