小米：解析电动车利润优势——利用品牌、规模效率和供应链掌控

Eunice Lee, CFA+852 2123 2606eunice.lee@bernsteinsg.com Mika Fu+852 2166 4805mika.fu@bernsteinsg.com RatingOutperform Frankie Fong+852 2123 2637frankie.fong@bernsteinsg.com Price Target 1810.HK Xiaomi: Unpacking the EV margin advantage — Leveraging Brand,Scale efficiency, and Supply chain mastery Xiaomi has achieved industry-leading gross margins in its EV business, reaching an impressive26.4% in Q2 2025—just five quarters after its first delivery in late March 2024—surpassingmany peers with larger volumes and/or higher ASP. This strong performance is driven by:1)pricing power, 2) manufacturing scale advantages, and 3) procurement savings. Leveraging brand equity, Xiaomi boosts margins through product mix, trim mix, andpersonalization.50% of Xiaomi EV buyers opt for higher-end trims, well above competitorssuch as Tesla with only14%, and most pay for add-ons like upgraded wheels and custompaint. We estimate these factors add 3-4 percentage points to Xiaomi EV’s gross margin. Maximizing manufacturing scale benefits through high-volume production, superiorcapacity utilization, and optimal manufacturing efficiency,enabling strong economiesof scale and fixed cost absorption. Supported by 91% automation, Xiaomi’s EV plant reached130% utilization in 2025 1H on an expanded 250k-unit production capacity — well abovethe c. 60% industry average and peers. Deep supply chain expertise and strong supplier relationships drive savings.Sharingcomponents such as chips and displays with smartphones, strategic investments in andcollaborative development with suppliers provide cost insights and enable competitivequotations. Strong brand and financial position, and short payment terms, enhance itsbargaining power. We estimate Xiaomi achieves c.10%+ procurement cost savings. Xiaomi’s EV gross margins are expected to remain at c. 25% near term, supportedby a strong product mix and order backlog. Longer-term margins may fluctuate due to newcapacity, product mix changes, and discounting pressures, but are assumed to stay between20-25%, given Xiaomi’s strategy to remain above RMB 150k. The 2026 full-size SUV EREVlaunch should bolster margins, while a future compact model may reduce them. Investment Implications Table Of Contents Xiaomi’s Industry-leading EV gross margins..................................................................................................................................................................2Pricing power: Leveraging brand equity, and monetizing through product mix, trim mix, and personalization.......................................4Manufacturing cost advantage: Maximizing scale benefit through high-volume production and capacity utilization.......................... 8Sourcing cost advantage: Strong supply chain expertise and robust supplier relationships..................................................................... 12 DETAILS Links to related research: 27 Jun 2025 - Xiaomi: YU7 SUV — The new China EV darling off to a strong start18 Jun 2025 - Xiaomi: Decoding Xiaomi EV's Success — Product, Marketing, Brand, and Ecosystem3 Jun 2025 - Xiaomi: 2025 Investor Day takeaways29 May 2025 - Xiaomi: Hitting on all fronts — Raising TP to HK$60.00, reiterate Outperform22 May 2025 - Xiaomi: Launch of Xring O1 Chip — first in-house 3nm SoC; More details unveiled for YU7 SUV, set for Julylaunch15 Apr 2025 - Xiaomi's EV-olution: A unique synergistic ecosystem with promising EV prospects; Initiating at Outperform — PTHK$55 XIAOMI’S INDUSTRY-LEADING EV GROSS MARGINS Xiaomi has achieved industry-leading gross margins in its EV business, reaching an impressive 26.4% in Q2 2025—surpassingmany EV peers with larger volumes and/or higher average selling prices. This strong margin performance can be attributed tothree key factors: 1) the ability to command a price premium, 2) cost benefits from manufacturing scale, and 3) procurementcost savings. (Exhibit 1- Exhibit 2) Xiaomi leverages its well-established brand equity to justify a price premium, monetizing this through a favorable product mix,trim options, and personalization features that enhance margins. The company’s EV production focuses on high-volume outputof models from a standardized platform, enabling superior capacity utilization. Coupled with automation and optimized laborefficiency, Xiaomi maximizes economies of scale, allowing substantial absorption of fixed costs. Additionally, Xiaomi’s deepsupply chain expertise and strong supplier relationships contribute to significant cost advantages in procurement. SUSTAINABILITY OF HIGH GROSS MARGINS We believe Xiaomi’s EV gross margins are likely sustainable near-term at around 25%. This confidence is supported by thecurrent product mix and a robust order backlog, which underpin volume growth and economies of scale. However, beyond thenear term, margins may fluctuate as Xiaomi ramps up new production capacities. Factors influencing this include product mixchanges and potential discount