金吾财讯 | 小米(01810)在新能源汽车领域表现亮眼，2024年12月交付量超预期，达到新的历史高位。小米EV12月交付量超过25,000辆(11月为23,143辆)，德意志银行预估为26,500辆(环比增长10%)，推动2024年全年交付量达70,300辆，同比增长77%，且全年交付量超135,000辆，与德意志银行预估的137,000辆基本相符。尽管部分车型等待时间较长，如“SU7”轿车低价“标准”版等待22周、“Max”版等待17周，但12月新订单量仍有增长，全国新订单流约30,000辆(11月约25,000辆)，年底累计订单积压超120,000辆。在行业层面，新能源汽车市场需求旺盛，但供应能力在一定程度上限制了企业的交付表现，各车企在产能扩张和订单消化方面面临挑战与机遇。小米积极扩充产能，其“SU7”电动轿车目前等待时间约五个月，近期交付量主要取决于生产能力。德意志银行预计小米2025年全年交付量目标为300,000辆，鉴于其现有订单积压、新订单流入强劲及新车型“YU7”SUV即将推出，该行认为该目标偏保守，预期其在新能源汽车业务的持续增长将带动公司整体价值提升，给予小米“买入”评级，12个月目标价为43.00港元。
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