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国信证券：维持小米集团-W(01810)“优于大市”评级智能电动汽车全年盈利

智通财经APP获悉，国信证券发布研报称，考虑存储上行对消费电子市场影响，调整小米集团-W盈利预测，预计2026-2028年归母净利润362/406/495亿元；看好公司人车家全生态布局的协同以及海外市场的拓展带来的业绩增长，维持“优于大市”评级。智能电动汽车业务实现年度盈利2025年智能电动汽车及AI等创新业务分部首次实现年度经营盈利，经营收益为9亿元。公司持续拓展销售服务网络，截至2025年12月31日，汽车销售门店已达477家，覆盖138个城市。

国信证券：维持小米集团-W(01810)“优于大市”评级智能电动汽车全年盈利

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14:15","market":"hk","language":"zh","title":"国信证券：维持小米集团-W(01810)“优于大市”评级 智能电动汽车全年盈利","url":"https://stock-news.laohu8.com/highlight/detail?id=2628278621","media":"智通财经","summary":"智通财经APP获悉，国信证券发布研报称，考虑存储上行对消费电子市场影响，调整小米集团-W盈利预测，预计2026-2028年归母净利润362/406/495亿元；看好公司人车家全生态布局的协同以及海外市场的拓展带来的业绩增长，维持“优于大市”评级。智能电动汽车业务实现年度盈利2025年智能电动汽车及AI等创新业务分部首次实现年度经营盈利，经营收益为9亿元。公司持续拓展销售服务网络，截至2025年12月31日，汽车销售门店已达477家，覆盖138个城市。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/002736\">国信证券</a>发布研报称，考虑存储上行对消费电子市场影响，调整<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>(01810)盈利预测，预计2026-2028年归母净利润362/406/495亿元；看好公司人车家全生态布局的协同以及海外市场的拓展带来的业绩增长，维持“优于大市”评级。</p><p><span>国信证券主要观点如下：</span></p><p><strong>2025年公司收入及利润创历史新高，全年毛利率同比提升</strong></p><p>2025年总收入4573亿元（YoY +25.0%），经调整净利润392亿元（YoY +43.8%），均创历史新高。2025年毛利率为22.3%（YoY +1.4pct）。分业务看，2025年手机×AIoT收入3512亿元（YoY +5.4%），智能电动汽车及AI等创新业务收入1061亿元（YoY +223.8%）。4Q25总收入1169亿元（YoY +7.3%），经调整净利润63亿元。</p><p><strong>智能电动汽车业务实现年度盈利</strong></p><p>2025年智能电动汽车及AI等创新业务分部首次实现年度经营盈利，经营收益为9亿元。2025年公司共交付41万辆新车，同比增长200.4%，汽车业务收入达1033亿元，主要得益于交付量增加以及较高ASP的<a href=\"https://laohu8.com/S/XIACY\">Xiaomi</a> SU7 Ultra以及Xiaomi YU7系列交付。2025年智能电动汽车及AI等创新业务毛利率为24.3%，同比提升5.8pct。公司持续拓展销售服务网络，截至2025年12月31日，汽车销售门店已达477家，覆盖138个城市。2026年公司汽车交付目标为55万辆。</p><p><strong>智能手机出货量稳居全球前三，IoT及互联网业务营收创历史新高</strong></p><p>2025年公司智能手机业务收入1864亿元，全球出货量1.65亿台，连续五年稳居全球前三，市占率13.3%。2025年IoT与生活消费产品收入1232亿元，同比增长18.3%，创历史新高，毛利率同比提升2.8pct至23.1%。其中，智能大家电收入同比增长23.1%，可穿戴腕带设备全球出货量排名第一。2025年互联网服务营收374亿元，同比增长9.7%，创历史新高，其中广告业务收入285亿元，同比增长15.2%。</p><p><strong>持续加大研发投入，发布旗舰基座模型及移动端Agent</strong></p><p>公司持续推进“人车家全生态”战略，大规模投入底层核心技术，2025年公司研发开支达331亿元，同比增长37.8%。2026年3月，公司正式发布面向Agent时代的旗舰基座模型Xiaomi MiMo-V2-Pro，总参数量超过一万亿(1T)。同时，公司以AI能力全面赋能人车家全生态场景，<a href=\"https://laohu8.com/S/81810\">小米</a>移动端Agent—Xiaomi miclaw开启小范围封测，聚焦验证大模型在小米人车家全生态系统中的执行能力，探索模型从对话能力向系统级执行能力的落地路径。</p><p><strong>风险提示：</strong>下游需求不及预期；行业竞争加剧；汇率波动风险。</p></body></html>","source":"stock_zhitongcaijing","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\" />\n<title>国信证券：维持小米集团-W(01810)“优于大市”评级 智能电动汽车全年盈利</title>\n<style 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href=\"http://www.zhitongcaijing.com/content/detail/1429846.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","BK1607":"新IT概念","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY 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国信证券：维持小米集团-W(01810)“优于大市”评级 智能电动汽车全年盈利

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国信证券：维持小米集团-W(01810)“优于大市”评级智能电动汽车全年盈利