小米向硬件-软件集成转型；YU7终于发布

China (PRC) | Technology & Information ServicesXiaomi  * Jefferies Hong Kong Limited Edison Lee, CFA *  | Equity Analyst852 3743 8009 | edison.lee@jefferies.comJohnson Wan *  | Equity Analyst852 3743 8083 | johnson.wan@jefferies.comJacky He *  | Equity Analyst+852 3743 8084 | jacky.he@jefferies.comXiaoyi Lei *  | Equity Analyst852 3767 1126 | xiaoyi.lei@jefferies.comMigration to Hardware-Software Integration;YU7 Finally AnnouncedXM just announced 1) its self-designed XRing-01 mobile chip, whichwill power the Mi 15S Pro smartphone and its flagship tablet, and2) the long-awaited EV model YU7. LT XM wants to replicate AAPL'shardware-software integrated eco-system. XRing-01's performance seemscompetitive with QCOM's 8Elite (flagship), and XM's benchmark is Apple'sA18 Pro. YU7's specs are in line with mkt expectation, and order taking willlikely start in July. XM remains our top pick.XRing-01 is China's first locally-designed 3nm chip. Xiaomi (XM) yesterday announced twolong-awaited product