In this paper we investigate the ground-state properties and related quantum phase transitions for the two-component Bose-Einstein condensate in a single-mode optical cavity. Apart from the usual normal and superradiant phases, multi-stable macroscopic quantum states are realized by means of the spin-coherent-state variational method. We demonstrate analytically the stimulated radiation from a collective state of atomic population inversion, which does not exist in the normal Dicke model with single-component atoms. It is also revealed that the stimulated radiation can be generated only from one component of atoms and the other remains in the ordinary superradiant state. However, the order of superradiant and stimulatedradiation states is interchangeable between two components of atoms by tuning the relative atom-field couplings and the frequency detuning as well. (C) 2017 Optical Society of America