作为备受关注的经济学家，他避开房产，谈投资，直言A股需要连续3个月上涨；他不开课，开直播，指点年 轻人买黄金硬通货；他不卖车，却做预测，认为小米汽车起售价在25万左右……他是任泽平。 3月27日，任泽平做客京东金融大咖说直播间，和朋友们一道，开启了"春风吹又生，任泽平谈理财投资新趋 势"的深度对话，为观众带来理财新视角和投资新思考。 "锂+氢=新石油" 随着智能汽车在新能源行业的迅猛发展，这一领域已成为民众关注的焦点。那么，该行业的最佳投资时机是 什么呢？ "投资新能源永远不晚。"在京东金融直播间任泽平如是解答。他表示，看懂经济增长点，才能清楚投什么， 当下经济的增长点是新质生产力，新能源行业摆脱了传统增长方式，具有高科技、高效能、高质量等特征， 完美贴合新质生产力的本质。他认为，新能源行业仍然具有巨大的发展潜力，锂+氢=新石油，新能源上半场 看锂电，下半场看储能、氢能、智能驾驶。 直播次日恰逢小米汽车发布。任泽平携手有车科技创始人徐晨华，京东探索研究院院长何晓冬围绕智能汽车 的发展前景、市场定位、投资方向等进行了深入探讨。 任泽平认为，庞大的用户基础、黏性和渠道影响力，夯实了小米造车的护城河。他建议，小米汽 ...

Table_BaseInfo 2024 年 3 月 21 日 公司动态分析 小米集团（1810.HK） 证券研究报告 TMT消费电子 核心业务超预期，后续重点关注 SU7 发布 投资评级： Xx 买入 xx 事件：2023财年小米集团总收入同比微降3.2%至2,710亿元，集团整体毛利 目标价格： 18.5 港元 率及各业务板块毛利率均创历史新高，经调整净利润同比增长126.3%至193 亿元，利润表现大超市场预期，Q4传统核心业务表现亮眼。后续重点需关注 现价(2024-3-21)： 14.5港元 3月28日创新业务汽车SU7发布价格和后续销售情况。 报告摘要 总市值(百万港元） 361,752 Q4营收创7季度以来新高，智能手机业务表现亮眼 23Q4小米集团营收创7个季 流通市值(百万港元） 361,752 度以来新高，同比增长10.9%达732亿元，经调整净利润同比大增236.1%至49亿 总股本(百万） 24,948 元。其中，Q4智能手机业务表现亮眼，营收同比增长20.6%至442亿元，智能手 流通股本(百万） 24,948 机出货量同比增长23.9%至4,050万台，显著超过全球市场增速；IoT与 ...

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - Xiaomi Group reported its 2023 annual performance, achieving revenue of 271 billion RMB, a year-on-year decrease of 3%, while adjusted net profit reached 19.3 billion RMB, a year-on-year increase of 126% [3] - The company exceeded market consensus expectations, with Q4 2023 revenue of 73.2 billion RMB, a year-on-year increase of 11%, and adjusted net profit of 4.9 billion RMB, a year-on-year increase of 236% [3] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue for 2023 was 270.97 billion RMB, with a year-on-year decline of 3.24%. The forecast for 2024 is 310.78 billion RMB, representing a growth of 14.69% [2] - The net profit attributable to shareholders for 2023 was 17.48 billion RMB, a significant increase of 606.34% year-on-year, with projections of 15.94 billion RMB for 2024, reflecting a decrease of 8.79% [2] Mobile Business Performance - The mobile segment generated 157.5 billion RMB in revenue for 2023, down 6% year-on-year, but gross profit increased by 54% to 23 billion RMB, with a gross margin of 15.5%, marking a historical high [4] - The average selling price (ASP) of products in mainland China increased by over 19% year-on-year, despite a 2.7% decline in overall ASP to 1,082 RMB [4] IoT and Internet Services - The IoT business generated 80.1 billion RMB in revenue, a slight increase of 0.4% year-on-year, with a gross margin of 16.3%, also a historical high [5] - Internet services revenue reached 30.1 billion RMB, up 6% year-on-year, with a gross margin of 74.2% [5] Profitability and Future Outlook - The adjusted net profit forecasts for 2024 and 2025 have been raised to 15.9 billion RMB and 18.9 billion RMB, respectively, with a projected net profit of 21.2 billion RMB for 2026 [5] - The report anticipates that the upcoming EV model SU7 will achieve rapid delivery, contributing to the "people, car, home" ecosystem and clarifying the short-term investments and long-term growth trajectory of the automotive business [5]

浦银国际研究 公司研究 | 科技行业 小米集团（1810.HK）：核心业务利润维持 沈岱 浦 高位稳定，智能电动车业务有望释放估值 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 重申小米的“买入”评级，上调目标价至 18.6港元，潜在升幅 28%。 际 黄佳琦 重申小米的“买入”评级：小米 4Q23 业绩表现强劲，经调整利润  科技分析师 人民币 49 亿元，同比增长236%，符合我们预期。我们预计经调整 sia_huang@spdbi.com 并扣除新业务费用后，小米 2024 年核心业务（智能手机、IoT、互 (852) 2809 0355 联网）利润有望保持高位。小米智能电动车近期将开启交付，贡献 2024年3月21日 收入，有望逐步释放该业务估值。同时，我们认为小米也是 AI 端 侧落地手机直接受益标的。进一步展望 2025 年，小米核心业务利 评级 润有持续增长能力，配合智能电动车业务毛利增量，预期小米经调 公 整总利润将增长加速。目前目标价对应2024年、2025年经调整利润 目标价（港元） 18.6 司 研 市盈率为16.3x、14.9x，估值 ...

2024年3月20日 公司研究 2023 盈利实现翻倍增长，2024 年核心策略为稳健进取 —— 小米集团（1810.HK）2023 年度业绩点评 要点 增持（维持） 当前价：14.86港元 事件：公司发布 2023 年度业绩，实现收入 2710 亿元，同比下滑 3.2%，其 中公司智能手机业务收入同比下滑5.8%，IoT/互联网业务收入分别同比增加 0.4%/6.3%，三项业务营收占比分别 58%/30%/11%。全年实现毛利率 作者 21.2%历史新高，Non-IFRs 净利润 193 亿元，同比增长 126.3%，对应 分析师：付天姿 Non-IFRs净利率7.1%，其中智能电动汽车等创新业务费用为67亿元。 执业证书编号：S0930517040002 021-52523692 智能手机毛利率提升明显，2024 年核心策略为稳健进取: 公司 23 年智能手 futz@ebscn.com 机业务收入同比下滑 5.8%至 1575 亿元，其中出货量达 1.46 亿台，同比下 滑 3.3%(vs 全球智能手机市场出货量同比下滑 4.3%)；ASP 同比下滑 2.7% 联系人：黄铮 至 1082 元，主要系 1 ...

M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) Raise TP and estimates on 4Q23 beat; All eyes on EV official launch on 28 March Target Price HK$20.25 Xiaomi’s 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus (Previous TP HK$19.54) estimates, driven by stronger margins, improving mix and investment gains. Up/Downside 36.3% Looking ahead, mgmt. is positive on smartphone recovery, premiumization Current Price HK$14.86 strategy and EV busines ...

小米集团-W（1810.HK）2023年年报点评 规模与利润并重，人车家全生态路径清晰 2024年03月20日 ➢ 事件：3 月 19 日，小米集团发布 2023 年年报，公司 2023 年实现营收 推荐 维持评级 2709.7 亿元，同比-3.2%；经调整净利润达 192.7 亿元，同比+126.3%。其中 当前价格： 14.50港元 4Q23实现营收732亿元，同比+10.9%，QOQ +5.57%；调整后净利润达49 亿元，同比+ 236.1%，其中包括智能电动汽车等创新业务费用24亿元。 [Table_Author] ➢ 营收再上新台阶，盈利能力显著提升。4Q23 小米整体发展势头稳定，在 3Q23高增长的基础上，收入环比增长5.19%，在保持行业领先的同时继续降本 增效，毛利率创历史新高。分业务层面，4Q23智能手机业务收入为442亿元， YOY+20.6%，毛利率达 16.4%，YOY+8.2pct，小米智能手机全球出货量 40.5 百万台，YOY+7.5%，连续14个季度排名稳居全球前三，全球市占率12.8%； IoT与生活消费产品收入为203亿元，YOY-5.1%，毛利率为13.9%，YOY- ...

you ? ? ? ? you. Hello, everyone. Welcome to Xiaomi Group's 2023 Annual Investment Call Conference. This conference will be recorded. If you have any questions, you can hang up now. If you want to ask questions in the Q&A session, please press 1. If you want to cancel, please press 2. Now, let's welcome the team manager of Xiaomi Group's Investment Call Conference, Anita Chen, to host this conference. Hello, everyone. Welcome to Xiaomi Group's 2023 Global Profit Announcement Investment Planning Meeting and ...

Financial Performance - Xiaomi's total revenue for Q4 2023 reached RMB 73.24 billion, a year-on-year increase of 10.9%[2] - Adjusted net profit for Q4 2023 surged by 236.1% year-on-year to RMB 4.91 billion[2] - Full-year 2023 revenue was RMB 270.97 billion, a slight decrease of 3.2% year-on-year[3] - Adjusted net profit for 2023 increased by 126.3% year-on-year to RMB 19.27 billion[3] - Total revenue decreased by 3.2% to RMB 271.0 billion in 2023 compared to RMB 280.0 billion in 2022[16] - Operating profit surged to RMB 20.0 billion in 2023 from RMB 2.8 billion in 2022, with net profit reaching RMB 17.5 billion, up from RMB 2.5 billion in 2022[15] - Annual net profit surged by 598.3% from RMB 2.5 billion in 2022 to RMB 17.5 billion in 2023[38] - Adjusted net profit increased by 126.3% from RMB 8.5 billion in 2022 to RMB 19.3 billion in 2023[39] - Q4 2023 revenue increased by 10.9% to RMB 73.2 billion compared to RMB 66.0 billion in Q4 2022[41] - Revenue increased by 3.3% from RMB 709 billion in Q3 2023 to RMB 732 billion in Q4 2023[59] - The company recorded a profit of RMB 4.7 billion in Q4 2023, compared to RMB 4.9 billion in Q3 2023[73] - Adjusted net profit was RMB 4.9 billion in Q4 2023 and RMB 6.0 billion in Q3 2023[73] - Non-IFRS adjusted net profit for Q4 2023 was RMB 4,909.7 million with a net profit margin of 6.7%[75] - Annual profit under IFRS for 2023 was RMB 17,474.2 million with a net profit margin of 6.4%, while non-IFRS adjusted annual profit was RMB 19,272.8 million with a net profit margin of 7.1%[76] - Revenue for 2023 was RMB 270.97 billion, a decrease of 3.2% compared to RMB 280.04 billion in 2022[90] - Net profit for 2023 surged to RMB 17.47 billion, a significant increase from RMB 2.50 billion in 2022[90] - The company's total revenue for 2023 was RMB 270,970,141 thousand, with smartphone revenue contributing RMB 157,461,309 thousand, IoT and lifestyle products contributing RMB 80,107,740 thousand, internet services contributing RMB 30,107,494 thousand, and other segments contributing RMB 3,293,598 thousand[99] - Gross profit for 2023 was RMB 57,476,239 thousand, with smartphones contributing RMB 22,980,587 thousand, IoT and lifestyle products contributing RMB 13,078,596 thousand, internet services contributing RMB 22,333,950 thousand, and other segments showing a loss of RMB 916,894 thousand[99] - Revenue from mainland China accounted for 55.1% of total revenue in 2023, amounting to RMB 149,189,720 thousand, while revenue from other global regions accounted for 44.9%, amounting to RMB 121,780,421 thousand[100] Smartphone Business - Xiaomi's smartphone market share in the RMB 4,000-6,000 price segment in mainland China reached 28.2% in Q4 2023, ranking first[5] - Xiaomi's global smartphone shipments ranked in the top three in 51 countries and regions in 2023[5] - Xiaomi's smartphone business revenue in 2023 was RMB 157.5 billion, with global shipments of 145.6 million units[7] - Smartphone revenue decreased by 5.8% to RMB 157.5 billion in 2023, with shipments down 3.3% to 145.6 million units and ASP down 2.7% to RMB 1,081.7 per unit[18] - Smartphone segment revenue increased by 20.6% from RMB 36.7 billion in Q4 2022 to RMB 44.2 billion in Q4 2023, driven by a 23.9% increase in smartphone shipments to 40.5 million units, despite a 2.6% decline in ASP to RMB 1,091.7 per unit[43] - Smartphone revenue grew by 6.2% from RMB 416 billion in Q3 2023 to RMB 442 billion in Q4 2023, driven by higher ASP despite a 3.0% decline in shipment volume[61] - Smartphone ASP increased by 9.5% from RMB 997.0 in Q3 2023 to RMB 1,091.7 in Q4 2023, driven by the successful launch of premium models in mainland China[61] - Smartphone segment gross margin improved from 8.2% in Q4 2022 to 16.4% in Q4 2023, driven by product mix optimization and reduced inventory provisions[49] - Smartphone segment sales cost decreased by 11.7% from RMB 152.2 billion in 2022 to RMB 134.5 billion in 2023[25] IoT and Lifestyle Products - Xiaomi's IoT and lifestyle products revenue in 2023 was RMB 80.1 billion, with a gross profit margin of 16.3%, a year-on-year increase of 1.9 percentage points[9] - IoT and lifestyle products revenue increased by 0.4% to RMB 80.1 billion in 2023, driven by strong growth in smart home appliances and tablets[19] - IoT and lifestyle products segment revenue decreased by 5.1% from RMB 21.4 billion in Q4 2022 to RMB 20.3 billion in Q4 2023, primarily due to a 21.4% decline in smart TV and laptop revenue, partially offset by growth in tablets and smart home appliances[44] - IoT and lifestyle products revenue decreased by 1.6% from RMB 207 billion in Q3 2023 to RMB 203 billion in Q4 2023, mainly due to seasonal declines in smart home appliances[62] - Smart home appliance revenue grew nearly 40% year-on-year in 2023, driven by increased shipments of air conditioners, refrigerators, and washing machines in mainland China[19] - Smart home appliances revenue declined by 28.0% sequentially, mainly due to seasonal decreases in air conditioner sales[62] - IoT and lifestyle products segment sales cost decreased by 1.9% from RMB 68.3 billion in 2022 to RMB 67.0 billion in 2023[26] Internet Services - Xiaomi's internet services revenue in 2023 was RMB 30.1 billion, with a gross profit margin of 74.2%, a year-on-year increase of 2.4 percentage points[11] - Internet service revenue increased by 6.3% to RMB 30.1 billion in 2023, with overseas internet service revenue growing 24.1% to RMB 8.4 billion[21] - Internet services segment revenue grew by 9.9% from RMB 7.2 billion in Q4 2022 to RMB 7.9 billion in Q4 2023, mainly driven by increased advertising revenue[45] - Internet services revenue increased by 1.6% from RMB 78 billion in Q3 2023 to RMB 79 billion in Q4 2023, driven by growth in advertising revenue[63] - Internet services gross margin improved from 74.4% in Q3 2023 to 75.7% in Q4 2023, supported by higher advertising revenue contribution[66] - Internet services segment sales cost decreased by 2.5% from RMB 8.0 billion in 2022 to RMB 7.8 billion in 2023[27] AIoT Platform and User Growth - Global monthly active users reached a record high of 641.2 million in December 2023, up 10.2% year-on-year[4] - AIoT platform connected devices (excluding smartphones, tablets, and laptops) grew to 739.7 million, a 25.5% increase year-on-year[4] - Xiaomi's AIoT platform connected 739.7 million IoT devices (excluding smartphones, tablets, and laptops) as of December 31, 2023, a year-on-year increase of 25.5%[9] - Global monthly active users increased by 10.2% from 582.1 million in December 2022 to 641.2 million in December 2023[21] R&D and Innovation - R&D expenditure for 2023 was RMB 19.1 billion, a 19.2% increase year-on-year[4] - R&D expenses increased to RMB 19.1 billion in 2023, up from RMB 16.0 billion in 2022[15] - R&D expenses increased by 19.2% from RMB 16.0 billion in 2022 to RMB 19.1 billion in 2023, driven by smart EV and other innovative businesses[30] - R&D expenses increased by 16.2% from RMB 4.7 billion in Q4 2022 to RMB 5.5 billion in Q4 2023, primarily due to investments in smart EV and other innovative businesses[50] - R&D expenses increased by 10.0% from RMB 50 billion in Q3 2023 to RMB 55 billion in Q4 2023, primarily due to investments in smart EV and other innovative businesses[67] - R&D expenses rose by 19.1% to RMB 19.10 billion in 2023 from RMB 16.03 billion in 2022[90] Overseas Market Performance - Overseas market revenue accounted for 44.9% of total revenue in 2023, reaching RMB 121.8 billion[5] - Overseas internet service revenue grew 24.1% year-on-year to RMB 8.4 billion in 2023, accounting for 28.0% of total internet service revenue, with Q4 revenue at RMB 2.3 billion, up 23.8% year-on-year[12] Gross Profit and Margin - Xiaomi's overall gross profit margin reached 21.2% in 2023, a year-on-year increase of 4.2 percentage points[6] - Gross profit increased by 20.8% from RMB 47.6 billion in 2022 to RMB 57.5 billion in 2023, with gross margin rising from 17.0% to 21.2%[29] - Gross profit increased by 37.2% from RMB 11.4 billion in Q4 2022 to RMB 15.6 billion in Q4 2023, with gross margin improving from 17.2% to 21.3%[49] - Gross profit decreased by 3.1% from RMB 161 billion in Q3 2023 to RMB 156 billion in Q4 2023, with gross margin declining from 22.7% to 21.3%[66] - Gross profit increased by 20.8% to RMB 57.48 billion in 2023 from RMB 47.58 billion in 2022[90] Cash and Financial Position - Xiaomi's cash reserves reached RMB 136.3 billion as of December 31, 2023, a record high[6] - Cash and cash equivalents were RMB 33.6 billion as of December 31, 2023, compared to RMB 31.7 billion as of September 30, 2023[78] - The company's total cash resources amounted to RMB 136.3 billion as of December 31, 2023[81] - Operating cash flow for Q4 2023 was RMB 7.81 billion, a decrease from RMB 13.33 billion in Q3 2023[80] - Net cash used in investing activities for Q4 2023 was RMB 5.85 billion, primarily due to an increase in short-term investments at fair value[83] - Net cash from financing activities for Q4 2023 was RMB 43.3 million, mainly from borrowings of RMB 3.4 billion[83] - Total borrowings increased from RMB 24.8 billion as of September 30, 2023 to RMB 27.9 billion as of December 31, 2023[83] - Capital expenditures for Q4 2023 were RMB 2.14 billion, an increase from RMB 1.8 billion in Q3 2023[84] - Cash and cash equivalents grew to RMB 33.63 billion in 2023, compared to RMB 27.61 billion in 2022[94] - Operating cash flow turned positive at RMB 41.30 billion in 2023, a significant improvement from a negative RMB 4.39 billion in 2022[94] - Short-term investments measured at fair value through profit or loss surged to RMB 20,193,662 thousand in 2023 from RMB 9,845,910 thousand in 2022[106] - Long-term investments measured at fair value through profit or loss reached RMB 60,564,274 thousand in 2023, up from RMB 56,385,345 thousand in 2022[106] - Total borrowings increased slightly to RMB 27,857,345 thousand in 2023 from RMB 23,643,002 thousand in 2022, with a notable rise in unsecured borrowings[109] Employee and Compensation - Total compensation expenses for 2023 were RMB 18.9 billion, a 14.1% increase from RMB 16.6 billion in 2022[87] - The company had 33,627 full-time employees as of December 31, 2023, with 17,800 in R&D roles[87] - Employee benefit expenses for 2023 were RMB 18,935,182 thousand, an increase from RMB 16,607,997 thousand in 2022[101] Investments and Assets - The company invested in over 430 companies with a total book value of RMB 67.1 billion as of December 31, 2023, representing a 5.0% year-over-year increase[86] - Total assets increased to RMB 324.25 billion in 2023, up from RMB 273.51 billion in 2022[92] - Property and equipment increased by 50.1% to RMB 13.72 billion in 2023 from RMB 9.14 billion in 2022[92] - Intangible assets nearly doubled to RMB 8.63 billion in 2023 from RMB 4.63 billion in 2022[92] - Total equity rose to RMB 164.26 billion in 2023, up from RMB 143.92 billion in 2022[93] - Trade receivables and notes increased to RMB 12,150,928 thousand in 2023 from RMB 11,795,074 thousand in 2022, with a credit loss provision of RMB 316,958 thousand[107] - Inventory decreased to RMB 44,422,837 thousand in 2023 from RMB 50,437,891 thousand in 2022, with a significant reduction in impairment provisions[108] - Trade payables rose to RMB 62,098,500 thousand in 2023 from RMB 53,093,543 thousand in 2022, with the majority due within three months[111] Share Repurchases and Dividends - The company repurchased 264,700,000 B-class shares for a total consideration of HKD 3,375,106,659 during the year[113] - Total repurchased B shares in 2023 and 2024 amounted to 264,700,000 shares, with a total cost of approximately HKD 3,375,106,659[114] - In May, June, and July 2023, 9,061,798 A shares were converted to B shares at a 1:1 ratio, with 8,161,142 A shares converted by Lei Jun and 900,656 A shares by Lin Bin[115] - In September and October 2023, 9,814,592 A shares were converted to B shares at a 1:1 ratio, with 8,839,116 A shares converted by Lei Jun and 975,476 A shares by Lin Bin[116] - In November and December 2023, and January and February 2024, 29,373,916 A shares were converted to B shares at a 1:1 ratio, with 26,454,431 A shares converted by Lei Jun and 2,919,485 A shares by Lin Bin[116] - The company did not declare a final dividend for the year ended December 31, 2023[122] Corporate Governance and Compliance - The company complied with all provisions of the Corporate Governance Code except for the separation of the roles of Chairman and CEO, which are both held by Lei Jun[117] - The Audit Committee reviewed the audited consolidated financial statements for the year ended December 31, 2023, and discussed accounting policies and internal control matters with senior management and external auditors[119] - The company has no significant litigation or arbitration as of December 31, 2023[121] - The company's annual report will be published on the HKEX and company websites and sent to shareholders[123] Other Financial Metrics - Game business revenue reached a record high of RMB 4.4 billion in 2023, a year-on-year increase of 7.0%, with Q4 revenue at RMB 1.0 billion[12] - Xiaomi's advertising business revenue in 2023 was RMB 20.5 billion, a year-on-year increase of 11.2%[11] - Sales and marketing expenses remained stable at RMB 5.9 billion in Q4 2023 compared to Q4 2022, with increased advertising costs offset by reduced logistics expenses[51] - Other income decreased from RMB 0.6 billion in Q4 2022 to RMB 0.3 billion in Q4 2023, mainly due to reduced government subsidies[54] - Sales and marketing expenses rose by 24.8% from RMB 47 billion in Q3 2023 to RMB 59 billion in Q4 2023, driven by increased promotional and advertising activities[68] - Share of net profit from equity-accounted investments increased by 307.2

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