Xiaomi (Minutes): "Godfather of Domestic Goods" new car YU7 arrives, is the "monk from afar" Model Y really in danger?
For Xiaomi's pre-Q1 earnings conference, the market's primary focus was on the YU7 SUV model and the self-developed Xuanjie O1 chip.
1) Xiaomi YU7 (Key Focus): Xiaomi's overall market cap surpassing the trillion mark is largely driven by the stellar performance of its automotive division. Currently, the monthly sales of Xiaomi SU7 have approached 30,000 units. Following the success of its coupe model, the market eagerly anticipates this SUV release.
In China's 250,000-350,000 RMB mid-to-high-end pure electric SUV segment, Tesla dominates with nearly 20,000 Model Y units sold in April 2025, while competitors lag below 7,000 units. Xiaomi aims to challenge Tesla with the YU7, positioning it as a domestic rival. During the conference, $XIAOMI-W(01810.HK) explicitly named Model Y as its benchmark.
Comparing YU7's specs with domestic 250,000-350,000 RMB pure electric SUVs: ① YU7's battery capacity and range significantly outperform rivals, with even the standard version offering 93.6kWh; ② It adopts NVIDIA's Thor chip for autonomous driving, delivering 700 TOPS—surpassing domestic peers and nearing Tesla's new Model Y; ③ Full-series 标配 panoramic P-HUD and LiDAR, features absent in Model Y.
YU7's configuration appears superior to Model Y. While its pricing remains undisclosed, competitive pricing could solidify its market position.
Production-wise, SU7 currently runs at full capacity in Phase 1 facilities. YU7 will primarily be manufactured in Beijing's Phase 2 plant, with trial production starting in Phase 1 ahead of the official July launch. Dolphin Research projects monthly output could reach ~20,000 by late 2025.
2) Xuanjie O1 Chip (Critical Focus): Xiaomi's first self-developed 3nm flagship chip integrates SoC, CPU, GPU, NPU, and ISP cores, paired with MediaTek's 5G modem.
Benchmarks against Android flagships: ① Die area: Xuanjie O1 (109mm²) < Snapdragon 8 Elite (124mm²) < Dimensity 9400 (126mm²); ② CPU: Dimensity 9400 < Xuanjie O1 < Snapdragon 8 Elite; ③ GPU: Xuanjie O1 < Snapdragon 8 Elite < Dimensity 9400.
Despite its 10-core CPU and 16MB L3 cache, Xuanjie O1's performance trails Snapdragon 8 Elite but approaches Dimensity 9400. The Xiaomi 15S Pro, priced at 5,499-5,999 RMB, targets the same mid-high segment as Dimensity 9400 devices like Vivo X200.
Xiaomi's chip R&D has invested 13.5 billion RMB with a 2,500+ team, pledging 50 billion RMB over the next decade.
3) Investment Perspective: Xiaomi's 1.3 trillion RMB valuation combines traditional (800 billion-1 trillion at 20-25x 2025 PE) and automotive (300-500 billion) businesses. Automotive revenue may hit 100 billion RMB in 2025, constrained by 产能. YU7's potential to disrupt Model Y could further elevate valuations.
