##小米汽车财报电话会议分析师问答解读：
**分析师：** 高盛分析师 Timothy Zhou
**问题：**
1. 小米汽车首季毛利率达到 15.4%，远超预期，请问背后的主要原因是什么？未来小米汽车的毛利率目标是什么？
2. 小米新零售模式对提升市场份额起到了重要作用，请问小米在手机、IoT 和新零售方面的未来规划是什么？尤其是海外市场的新零售布局？
**卢伟冰：**
**小米汽车毛利率：**
* **供应商支持：** 供应商看好小米汽车未来发展，给予了良好的客户定位和商务条件。
* **爆品策略：** 小米希望用小米 SU7 一款车的规模超越同行几款车，实现“规模经济”，避免“规模不经济”。小米 SU7 已成为七月份行业第一爆品，超过特斯拉 Model 3。
* **管理能力复用：** 小米将自身在消费类电子和手机领域的管理能力移植到汽车行业，带来管理红利。
**未来毛利率趋势：**
* **毛利率会持续提升：** 由于交付量增加、BOM 成本下降、供应链成本变化等因素，小米汽车毛利率会持续向好。
* **具体数字无法透露：** 但毛利率趋势一定是趋好的。
**小米新零售：**
* **目标：** 将所有品类纳入新零售，并从中国走向全球。
* **小米汽车加入的价值：**
* **降低房租成本：** 相比汽车商，小米新零售的房租成本优势更大。
* **扩大门店规模：** 未来将开设更多面积更大的小米之家，占据商场黄金位置。
* **提升高端机销量：** 小米之家将成为高端机销售的重要渠道。
* **承载 IoT 业务：** 小米新零售将承载小米大家电等 IoT 业务，实现“拆送装一体化”服务。
* **海外市场：** 小米新零售将全面进军海外市场，成为小米“人车家全生态战略”的重要载体。
**林世伟：**
**补充说明：**
* **交付量增加：** 每季度的交付量会越来越多，制造费用摊分更有优势。
* **新业务收入：** 64 亿新业务收入中，62 亿来自汽车，2 亿来自周边产品和金融服务。
* **选配策略：** 最初送出的权益未来会慢慢变成选配，带来额外收入和利润率。
**总结：**
* 小米汽车首季毛利率表现出色，未来将持续提升。
* 小米新零售模式将持续发展，并进军海外市场，成为小米“人车家全生态战略”的重要载体。
**专业新闻记者和编辑的分析：**
* 小米汽车的毛利率表现令人印象深刻，说明小米在供应链管理、产品定位和成本控制方面都取得了不错的成绩。
* 小米新零售模式的成功，得益于小米在手机和 IoT 领域的深厚积累，以及对用户需求的深刻理解。
* 小米汽车和新零售的结合，将进一步推动小米“人车家全生态战略”的落地，并为小米未来的发展带来新的增长点。
**需要注意的是，** 这份解读仅基于财报电话会议的分析师问答环节，并未包含其他信息。 想要更全面地了解小米汽车和新零售的未来发展，还需要关注更多信息和数据。
英语如下：
##Xiaomi’s Smartphone Business Remains Strong, Lu Weibing Aims to Challenge the AutomotiveMarket Scale with SU7
**Keywords:** Xiaomi, Growth, Scale
##Analysis of Xiaomi Auto’s Q1 Earnings Conference Call Q&A:
**Analyst:** Timothy Zhou, Goldman Sachs
**Questions:**
1. XiaomiAuto’s Q1 gross margin reached 15.4%, significantly exceeding expectations. What are the main reasons behind this? What is Xiaomi Auto’sfuture gross margin target?
2. Xiaomi’s new retail model has played a significant role in boosting market share. What are Xiaomi’s future plans for smartphones, IoT, and new retail, especially the new retail layout in overseas markets?
**Lu Weibing:**
**Xiaomi Auto Gross Margin:**
* **Supplier Support:** Suppliers are optimistic about Xiaomi Auto’s future development and have provided favorable customer positioning and commercial terms.
* **爆品 Strategy:** Xiaomiaims to surpass the scale of several competitors’ cars with one model, the Xiaomi SU7, achieving “economies of scale” and avoiding “diseconomies of scale.” The Xiaomi SU7 has become the industry’s top-selling product in July, surpassing the Tesla Model 3.
* **Repurposing Management Capabilities:** Xiaomi has transplanted its management capabilities in consumer electronics and smartphones to the automotive industry, leading to management dividends.
**Future Gross Margin Trend:**
* **Continuous Improvement:** Due to increased deliveries, declining BOM costs, and changes in supply chain costs, Xiaomi Auto’s gross margin will continue to improve.
* **Specific Figures Not Disclosed:** However, the gross margin trend will definitely be positive.
**Xiaomi New Retail:**
* **Goal:** To incorporate all product categories into new retail and expand from China to the global market.
* **Value Added by Xiaomi Auto:**
* **Reduced RentCosts:** Compared to car dealerships, Xiaomi’s new retail model has a significant rent cost advantage.
* **Expanded Store Scale:** In the future, more Xiaomi Homes with larger areas will be opened, occupying prime locations in shopping malls.
* **Increased High-End Phone Sales:** Xiaomi Homes will becomea crucial channel for selling high-end phones.
* **Carrying IoT Business:** Xiaomi’s new retail model will carry Xiaomi’s major appliances and other IoT businesses, enabling “integrated delivery, installation, and maintenance” services.
* **Overseas Market:** Xiaomi’s new retail model will fully enter overseasmarkets, becoming a key carrier of Xiaomi’s “human-car-home full-ecosystem strategy.”
**Lin Shiwei:**
**Additional Explanation:**
* **Increased Deliveries:** Deliveries will increase every quarter, making manufacturing cost allocation more advantageous.
* **New Business Revenue:** Of the 6.4 billion yuan in new business revenue, 6.2 billion yuan came from automobiles, and 200 million yuan came from peripheral products and financial services.
* **Optional Configuration Strategy:** The initial free benefits will gradually become optional configurations, generating additional revenue and profit margins.
**Summary:**
*Xiaomi Auto’s Q1 gross margin performance was impressive, and it will continue to improve in the future.
* Xiaomi’s new retail model will continue to develop and expand into overseas markets, becoming a key carrier of Xiaomi’s “human-car-home full-ecosystem strategy.”
**Analysis by ProfessionalJournalists and Editors:**
* Xiaomi Auto’s impressive gross margin demonstrates Xiaomi’s success in supply chain management, product positioning, and cost control.
* The success of Xiaomi’s new retail model stems from its deep accumulation in smartphones and IoT, as well as its profound understanding of user needs.
* Thecombination of Xiaomi Auto and new retail will further drive the implementation of Xiaomi’s “human-car-home full-ecosystem strategy” and create new growth points for Xiaomi’s future development.
**It’s important to note** that this analysis is based solely on the Q&A session of the earnings conferencecall and does not include other information. To gain a more comprehensive understanding of the future development of Xiaomi Auto and new retail, more information and data need to be considered.
【来源】https://www.ithome.com/0/790/218.htm
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