小米集团-W获南向资金连续5天净买入，累计净买入金额为15.10亿港元，股价累计上涨9.35%。 （数据宝） 12月24日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为22.48亿港元，净买入金额为 3.65亿港元，不仅如此，该股已连续5日出现成交净买入，累计净买入金额为15.10亿港元，其间股价上 涨9.35%。 证券时报•数据宝统计显示，12月24日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 159.69亿港元，净买入金额为20.56亿港元。 ...

2024 年 12 月 3 日 科技硬件: 中性 授权转发报告/ 公司更新报告 小米集团 (1810 HK, 买入, 目标价: HK$34.00) 买入 搏有 萝出 | --- | --- | |---------------------------------------------------|---------------------| | 目标价 : HK$34.00 | 当前股价 : HK$28.30 | | 股价上行/下行空间 | +20% | | 52 周最高/最低价 (HK$) | 29.85/11.84 | | 市值 (US$mn) | 92,639 | | 当前发行数量 (百万股) | 25,481 | | 三个月平均日交易額 (US$mn) | 513 | | 流通盘占比 (%) | 75 | | 主要股东 (%) Smart Mobile | 9 | | 林斌 | 9 | | 先锋领航集团 | 3 | | 按 2024 年 11 月 27 日收市数据 资料来源: FactSet | | Nov-23 Feb-24 May-24 Aug-24 Nov-24 12.0 16.5 21.0 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting optimism about its growth prospects, particularly in high-end smartphones, IoT, and automotive sectors [2][5] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching RMB 92.5 billion (YoY +30.5%, QoQ +4.1%) and net profit of RMB 5.34 billion (YoY +9.7%, QoQ +5.3%) [1] - The smartphone business achieved revenue of RMB 47.45 billion (YoY +13.9%, QoQ +2.0%) with a gross margin of 11.7%, driven by higher ASPs due to increased high-end smartphone sales [1] - IoT and lifestyle products revenue grew to RMB 26.10 billion (YoY +26.3%), with strong growth in major appliances, tablets, and wearables [1] - The smart electric vehicle business reported revenue of RMB 8.04 billion (QoQ +49.1%) with a gross margin of 17.1%, delivering 39,800 vehicles in Q3 and targeting 130,000 units for the full year [1] Financial Projections - Revenue is projected to grow from RMB 355.7 billion in 2024 to RMB 515.8 billion in 2026, with net profit expected to increase from RMB 19.9 billion to RMB 32.1 billion over the same period [1] - The company's EPS is forecasted to rise from RMB 0.78 in 2024 to RMB 1.26 in 2026, with a P/E ratio declining from 34.1x to 21.0x [1][5] Business Highlights - The smartphone segment is on track to achieve its annual shipment target of 170 million units, with flagship models performing exceptionally well [1] - IoT and lifestyle products, particularly major appliances, are expected to grow by 50% YoY in 2024 [1] - The automotive business is gaining momentum, with 100,000 vehicles delivered by November 2024 and a full-year target of 130,000 units [1]

来源: 公司资料, 第一上海预测 来源: Bloomberg 小米集团-W（1810） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|------------|----------------------------------------------------|------------------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------|--------------------------------------|-----------------|---------------------- ...

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证券研究报告 | 季报点评 gszqdatemark 2024 11 20 年 月 日 小米集团-W（01810.HK） 产品力继续提升，看好利润率扩张 小米集团发布 2024Q3 财报。小米集团 2024Q3 收入 925 亿，同增 30.5%。 其中，手机/IoT/互联网/汽车收入各达 475/261/85/97 亿，同增 14%/26%/ 9%/na；毛利率 11.7%/20.8%/77.5%/17.1%。本季公司经调整净利 62.5 亿元，其中汽车经调整亏损 15 亿，消费电子主业经调整净利 77.5 亿元。 手机：市占率望继续提升，成本周期改善。2024Q3 小米手机出货 4310 万 台，根据 Canalys 数据，Q3 公司全球手机出货量排名第三，份额约 13.8%。 我们预计 Q4 及后续小米手机有望展现"量、价、毛利齐升"的趋势。 1） 出货量：国内，小米手机市占率提升至 14.7%，连续三个季度份额提 升。海外，小米在非洲拉美等地区势头强劲，性价比优势及渠道铺设 有望进一步拉升份额。 2） 均价：小米国内手机的高端化占比达 20.1%；小米 15 系列手机起售 价更高、但较上一代更快实现了 ...

财务及估值摘要 数据来源：公司资料，国证国际预测 2024 年 11 月 20 日 小 米集团(1810.HK) 汽车业务加速增长，Q3 业绩表现超预期 事件：2024Q3 小米集团总收入达 925.1 亿元，同比增长 30.5%，创历史新高 并略超市场预期。各业务板块均录得稳健增长。其中"手机 ×AIoT" 分部收 入同比增长 16.8%至 828 亿元，,智能电动汽车等创新业务"分部收入 97 亿 元，Q3 交付近 4 万量 SU7 汽车，目标全年交付 13 万辆。Q3 经调整净利润为 62.5 亿元同比增长 4.4%，略超市场预期。 报告摘要 智能手机与IoT均表现出色 2024Q3智能手机录得收入475亿元，同比增长13.9%， 出货量 4310 万台，同比增长 3.1%，ASP 每部 1102.2 元，同比增长 10.6%，中 国大陆地区出货量排名上升至第四，市场份额同比提升 1.2 个百分点至 14.7%， 连续 3 个季度实现市占率提升。高端化战略成效显著，在中国大陆地区高端智能 手机出货量占比达 20.1%，同比提升 7.9 个百分点。智能手机毛利率由于内存价 格上涨和产品发布周期影响，环比机 ...

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q3 点评：利润超预期，汽车毛利率进一步改善 | --- | --- | --- | --- | |-------------------------------------------|----------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintains a "Buy" rating with a target price of HKD 36.00 [1][4] Core Views - Xiaomi's 3Q24 revenue grew by 30% YoY, with smartphone xAIoT business revenue increasing by 16.8% YoY and non-GAAP net profit rising by 4%, exceeding expectations by 3% [1] - The automotive and IoT businesses achieved record-high gross margins, with automotive gross margin at 17.1%, surpassing the industry average of 16.27% for BYD, NIO, XPeng, and Li Auto in 2Q24 [1] - IoT gross margin increased by 1 percentage point QoQ to 20.8%, driven by product innovation, organizational reforms, and channel development [1] - The company expects SUV launch in 2025Q1 to drive rapid revenue growth, with smartphone gross margin recovery and reduced automotive losses contributing to a 55% non-GAAP profit growth in 2025 [1] Automotive Business - Automotive revenue in 3Q24 reached RMB 9.7 billion, with 39,800 units delivered at an average price of RMB 238,700 [2] - Gross margin for the automotive business improved by 1.7 percentage points QoQ to 17.1%, attributed to rapid scaling and strong supply chain bargaining power [2] - Management expects further gross margin improvement in 4Q24 and raised the 2024 delivery target to 130,000 units [2] - The company anticipates SUV launch in 2025Q1, with overall sales expected to reach 400,000 units in 2025 [2] Smartphone xAIoT Business - Smartphone shipments in 3Q24 were 42.75 million units, up 3% YoY and 1.1% QoQ, with a global market share of 13.6% [3] - IoT sales grew by 26% YoY, with gross margin reaching a record high of 20.8%, driven by overseas revenue, increased share of major appliances and wearables, and refined operations [3] - Smartphone gross margin declined by 0.5 percentage points QoQ to 11.7% due to rising raw material costs [3] - DRAM price reductions and the expansion of major appliance business overseas are expected to drive IoT growth in 2025 [3] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected at RMB 354.7 billion, RMB 471.6 billion, and RMB 574.1 billion, respectively, with YoY growth rates of 30.9%, 33.0%, and 21.8% [5] - Non-GAAP net profit for 2024E, 2025E, and 2026E is forecasted at RMB 25.0 billion, RMB 38.6 billion, and RMB 47.6 billion, respectively [5] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 1.00, RMB 1.55, and RMB 1.91, respectively [5] Valuation - The target price of HKD 36.00 is based on a SOTP valuation method, with a 22x 2025E target PE [16] - The existing business is valued at 17.1x 2025E PE, while the automotive business is valued at 2x 2025E PS [16]

业绩点评 生态圈加速发展，汽车盈利能力快速提升 小米集团-W（1810.HK） 2024-11-19 星期二 事件： 公司 2024 年 Q3 实现总收入 925 亿元人民币（下同），同比增长 30.5%； 实现经调整净利润 63 亿元，同比增长 4.4%。在持续投入造车的前提 下，公司现金储备升至 1516 亿元，再创新高。 点评观点： 手机高端化持续推进，市场份额不断巩固 相关报告 3Q24 公司智能手机业务收入为 475 亿元，同比增长 13.9%；手机出货量 4310 万台，同比增长 3.1%。受零部件价格影响，毛利率为 11.7%，环比 下降 0.4 个百分点，总体保持健康水平。根据 Canalys 数据，公司连续 17 个季度排名全球智能手机出货量第三，Q3 全球市占率为 13.8%，在中国 大陆地区出货量排名升至第四，市场份额同比上涨1.2个百分点至14.7%。 Q3 公司在中国大陆地区高端手机出货量在整体手机出货量中的占比达 到 21.3%，同比提升了 3.9 个百分点，手机 ASP1102 元，同比增长 10.6%。 小米集团-W（1810.HK）-深度报告： 品牌上行赋能全系产品，人车家进 ...