小米有高端的产品？_老虎社区_美港股上老虎

小米有高端的产品？

小米2026战略解析：手机承压、汽车冲55万销量，瑞银维持中性评级

在瑞银2026年大中华区会议上，小米披露了最新业务布局与挑战，核心围绕智能手机、智能汽车、IoT三大板块展开。瑞银维持小米“中性”评级，目标价46港元，较当前股价仍有21.8%的上涨空间。互动时间小米2026年一边要应对手机业务的短期压力，一边要冲刺汽车55万辆交付目标，同时持续加码AI与IoT布局。

小米2026战略解析：手机承压、汽车冲55万销量，瑞银维持中性评级

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IoT业务：聚焦海外，国内竞争加剧2026年小米IoT业务的增长将主要依赖海外市场，中国市场则面临愈发激烈的竞争。在家电领域，海外市场的软件服务收入及配件搭载率仍落后于中国，核心原因是许多AI功能尚未在国际市场落地，成为未来优化重点。2. AI布局：汽车端落地更快，研发投入增长小米在AI领域的系统级应用将率先在汽车上落地，今年晚些时候会推出更大参数的模型，初期主要基于免费开源模型开发。研发投入方面，2026年将同比增长（2025年预计为320亿元），重点投向AI、芯片、汽车和机器人领域；资本开支也将进一步增加，优先用于新电动汽车设施和AI基础设施建设。四、财务与估值：瑞银维持中性，目标价46港元1.核心财务预测•营收：预计2026年达5946.31亿元，2027年增至6918.07亿元，保持稳健增长；•每股收益（EPS）：2026年预计1.86元，2027年升至2.34元；•估值：瑞银采用分部估值法（SOTP），给予12个月目标价46港元，对应当前股价（37.78港元）有21.8%的上涨空间，维持“中性”评级。2.风险与机遇•下行风险：智能手机原材料涨价、高端市场竞争加剧；IoT业务国内需求疲软；汽车产能爬坡不及预期、新品推出失败；估值因资本利用不足下调；•上行风险：边缘AI手机在全球加速普及，带动高端机型需求；IoT产品商业化提前落地；海外业务扩张推动互联网服务收入增长；智能汽车出货量及市占率超预期。互动时间小米2026年一边要应对手机业务的短期压力，一边要冲刺汽车55万辆交付目标，同时持续加码AI与IoT布局。你认为哪项业务将成为小米全年增长的核心驱动力？对于小米汽车的海外扩张和手机的高端化转型，你更看好哪一个的长期潜力？欢迎在评论区留言分享你的看法～ 觉得内容有价值的话，别忘了转发给身边关注科技圈的朋友！</article></body></html>","source":"tencent","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\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119144931a43bbbae&s=b>调研纪要杂货铺</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n在瑞银2026年大中华区会议上，小米披露了最新业务布局与挑战，核心围绕智能手机、智能汽车、IoT三大板块展开。尽管面临内存涨价等行业压力，但小米通过产品结构优化、产能扩张等举措积极应对，雷军更是明确了2026年汽车55万辆的交付目标。瑞银维持小米“中性”评级，目标价46港元，较当前股价仍有21.8%的上涨空间。这份充满机遇与挑战的年度规划，藏着哪些关键信号？一、智能手机：内存涨价致出货承压，多举措...\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260119144931a43bbbae&s=b\">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","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) 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Ultra系列市场反馈良好，成为提价核心抓手；•优化硬件配置：中低端机型将DRAM内存从8GB降至4GB，但保留64GB/128GB作为基础存储选项，平衡成本与用户体验；•精简产品SKU：聚焦高端机型，优化产品结构，减少低毛利机型占比。供应链方面，小米已向全球五大DRAM厂商采购，确保供应稳定。长期来看，小米计划在未渗透的发达市场抢占份额，并在现有高市占率市场进一步提升产品均价，对冲短期出货压力。二、智能汽车：冲刺55万交付量，海外2027年启动雷军在会议中确认，小米汽车2026年交付目标为55万辆，这一目标低于瑞银及市场共识的72万辆/69.7万辆。尽管目标保守，但小米的核心策略是“最大化规模”：•应对市场转型：2025年行业处于供应受限状态，2026年将转向需求驱动，小米通过持续的以旧换新补贴刺激消费；•毛利率承压：由于产能利用率不足100%、内存及金属等原材料涨价、购车退税补贴等因素，2026年汽车业务毛利率可能低于2025年水平；•海外布局不变：维持2027年启动海外市场的计划，在需求明确前暂不规划海外产能。三、IoT与AI：海外成增长引擎，技术投入持续加码1. IoT业务：聚焦海外，国内竞争加剧2026年小米IoT业务的增长将主要依赖海外市场，中国市场则面临愈发激烈的竞争。在家电领域，海外市场的软件服务收入及配件搭载率仍落后于中国，核心原因是许多AI功能尚未在国际市场落地，成为未来优化重点。2. AI布局：汽车端落地更快，研发投入增长小米在AI领域的系统级应用将率先在汽车上落地，今年晚些时候会推出更大参数的模型，初期主要基于免费开源模型开发。研发投入方面，2026年将同比增长（2025年预计为320亿元），重点投向AI、芯片、汽车和机器人领域；资本开支也将进一步增加，优先用于新电动汽车设施和AI基础设施建设。四、财务与估值：瑞银维持中性，目标价46港元1.核心财务预测•营收：预计2026年达5946.31亿元，2027年增至6918.07亿元，保持稳健增长；•每股收益（EPS）：2026年预计1.86元，2027年升至2.34元；•估值：瑞银采用分部估值法（SOTP），给予12个月目标价46港元，对应当前股价（37.78港元）有21.8%的上涨空间，维持“中性”评级。2.风险与机遇•下行风险：智能手机原材料涨价、高端市场竞争加剧；IoT业务国内需求疲软；汽车产能爬坡不及预期、新品推出失败；估值因资本利用不足下调；•上行风险：边缘AI手机在全球加速普及，带动高端机型需求；IoT产品商业化提前落地；海外业务扩张推动互联网服务收入增长；智能汽车出货量及市占率超预期。互动时间小米2026年一边要应对手机业务的短期压力，一边要冲刺汽车55万辆交付目标，同时持续加码AI与IoT布局。你认为哪项业务将成为小米全年增长的核心驱动力？对于小米汽车的海外扩张和手机的高端化转型，你更看好哪一个的长期潜力？欢迎在评论区留言分享你的看法～ 觉得内容有价值的话，别忘了转发给身边关注科技圈的朋友！","news_type":1,"symbols_score_info":{"81810":0.6,"XIACY":1.96,"01810":1.96,"MIUmain":0.6,"HXXD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":87,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}