Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) [3] Core Views - Xiaomi Group's 3Q24 revenue is expected to increase by 28 1% YoY to RMB 908 billion with Non-IFRS net profit projected to grow by 4% YoY to RMB 6 2 billion [2] - The IoT business is anticipated to see robust revenue growth exceeding 20% YoY in 3Q24 with毛利率 potentially surpassing 20% [2] - Xiaomi's automotive business achieved a milestone with 20 000 units delivered in October 2024 and the SU7 Ultra量产版 positioned in the premium segment with a pre-sale price of RMB 814 900 [2] - The company's 2024 R&D investment is expected to exceed RMB 14 billion [2] Market Data - Xiaomi Group's total market capitalization stands at HKD 6813 21 billion with a total share capital of 24 957 billion shares [1] - The stock's one-year low high range is HKD 11 84-27 45 with a three-month turnover rate of 72 5% [1] - The stock has shown strong performance with a 1M 3M and 1Y relative return of 26 8% 37 3% and 63 5% respectively [1] Financial Performance - Xiaomi's 3Q24 smartphone shipments are expected to increase by 3% YoY to 42 8 million units with ASP rising by 10% YoY to around RMB 1100 [2] - The company's 3Q24 smartphone毛利率 is projected to be at a yearly low of 11-12% but is expected to improve in 4Q24 [2] - The internet business is forecasted to maintain steady growth with a slight环比 decline in毛利率 due to seasonal advertising and e-commerce investments [2] Future Projections - Xiaomi's 2024-2026 Non-IFRS net profit forecasts have been上调 to RMB 238 289 and 347 billion respectively [2] - The company's 2024E 2025E and 2026E revenues are projected to be RMB 352 820 million RMB 427 584 million and RMB 488 526 million respectively [4] - The adjusted P E ratios for 2024E 2025E and 2026E are 26 21 and 18 respectively [4] Business Segments - The smartphone segment is expected to contribute RMB 188 481 million in 2024E followed by IoT and lifestyle products at RMB 98 609 million and internet services at RMB 33 198 million [4] - The automotive segment is projected to generate RMB 30 576 million in 2024E with significant growth expected in subsequent years [4] Financial Position - Xiaomi's total assets are forecasted to increase from RMB 273 507 million in 2022 to RMB 468 711 million in 2026 [5] - The company's cash and short-term investments are expected to grow from RMB 61 439 million in 2022 to RMB 175 823 million in 2026 [5] - Total liabilities are projected to rise from RMB 129 584 million in 2022 to RMB 236 881 million in 2026 [5] Cash Flow - Operating cash flow is expected to increase from RMB -4 390 million in 2022 to RMB 42 457 million in 2026 [6] - Free cash flow is projected to grow from RMB 3 247 million in 2022 to RMB 27 547 million in 2026 [6] - Net cash flow is forecasted to rise from RMB 3 304 million in 2022 to RMB 40 370 million in 2026 [6]

[Table_MainInfo] 公司研究 证券研究报告 [Table_InvestInfo] [Table_AuthorInfo] | --- | --- | |---------------------------------------------------------------|---------------| | 股票数据 | | | 1 [ 0 Ta 月 b 1 le 1 _ 日 S 收 to 盘 ck 价（ In 港 fo 元 ] ） | 23.75 | | 52 周股价波动（港元） | 12.12-25.85 | | 总股本（百万股） | 24956.83 | | 总市值 / 流通市值（百万港元） | 592725/485426 | | 相关研究 | | [Table_ReportInfo] 公司是全球领先的消费电子和智能硬件公司。小米集团成立于 2010 年，专注于 高性价比智能手机的研发、生产与销售。自公司成立以来，小米集团不断拓展 产品线，覆盖了智能手机、笔记本电脑、智能电视、智能家居、可穿戴设备、 智能汽车等多个领域。2018 年，小米在香港联合交易所上市。根据 Canalys 数 ...

Financial Performance - Revenue for the first half of 2024 reached 164,394.7 million, a 29.6% increase compared to the same period in 2023[12] - Operating profit for the first half of 2024 was 35,223.9 million, up 36.8% year-over-year[12] - Net profit for the first half of 2024 was 9,571.8 million, a slight decrease of 3.7% compared to the same period in 2023[12] - Total revenue for 2024 Q2 reached $164.4 billion, a 29.6% increase compared to $126.8 billion in 2023 Q2[31] - Operating profit for 2024 Q2 was $9.2 billion, up from $7.9 billion in 2023 Q2[29] - Net profit attributable to shareholders increased to $12.7 billion in 2024 Q2, compared to $8.4 billion in 2023 Q2[29] - Revenue for the six months ended June 30, 2024, reached $88,887,828, a significant increase from $67,354,908 in the same period in 2023[129] - Net profit for the first half of 2024 was $18,394,177, up from $14,161,016 in the first half of 2023[129] - Revenue for the period ending June 30, 2024, reached $173.2 billion, with a net income of $624.1 million[133] - Revenue for the period ending June 30, 2024, reached $60.7 billion, with a net income of $15.26 billion[134] - Revenue for the period ending June 30, 2024, was 5,021,874, compared to 21,430,534 in the same period in 2023[135] - Net profit for the period ending June 30, 2024, was 2,530,575, compared to 20,162,011 in the same period in 2023[135] - Revenue for Q1 2024 reached $63 billion, reflecting a 34% year-over-year growth[138] - Revenue for the period reached $54,207,368, showing an increase compared to the previous year's $51,432,588[153] - Revenue for the first half of 2024 reached 20,193,662, a significant increase compared to 9,845,910 in the same period of 2023[155] - Revenue for 2024 reached $88,887,828, showing a significant increase compared to $67,354,908 in 2023[164] - Total revenue for the first half of 2024 was $164,394,650, compared to $126,832,042 in the same period of 2023[165] - Net profit for the first half of 2024 was $35,223,894, an increase from $25,752,583 in the first half of 2023[165] - Revenue from AIoT segment increased to $50.36 million in Q2 2024, up from $44.35 million in Q2 2023, reflecting a growth of 13.5%[170] - Total revenue for Q2 2024 reached $51.52 million, compared to $44.42 million in Q2 2023, showing a 16% increase[170] - Net profit for Q2 2024 was $549,628, a significant rise from $71,223 in Q2 2023, marking a 671% increase[172] - Total revenue for the period ending June 30, 2024, was 6,922,241, compared to 7,932,192 for the same period in 2023[176] - Revenue for the period ending June 30, 2024, was RMB 25,450,645, showing a slight increase compared to RMB 25,193,143 in the same period last year[183] IoT and AIoT Segment - The company's IoT and lifestyle products segment achieved revenue of 11,901.8 million, a 14.2% increase year-over-year[12] - The company's AIoT platform connected devices reached 17 million units as of June 30, 2024[13] - The company plans to expand its AIoT ecosystem and enhance its smart home product offerings in the second half of 2024[13] - AIoT revenue reached 1,580 million, accounting for 29.6% of total revenue in 2024[14] - IoT platform connected devices increased by 25.6% year-over-year to 822.2 million as of June 30, 2024[15] - Xiaomi's AIoT platform active users reached 12,000 as of June 30, 2024[15] - Xiaomi's AIoT platform grew by 21.7% year-over-year in 2024, with smart home devices contributing 15.4% to the growth[18] - Xiaomi's AIoT platform connected devices reached 18,290 units, a 48.7% increase year-over-year as of June 30, 2024[16] - Xiaomi's AIoT platform achieved a 100% year-over-year growth in connected devices in the smart home category[16] - Xiaomi's AIoT platform achieved a 127% year-over-year growth in connected devices, reaching 1,410 million units as of June 30, 2024[18] - AIoT segment revenue reached 1,580 million, a year-over-year increase of 24.6%, with a gross margin of 21.7%[19] - IoT and lifestyle products revenue reached 471 million, a year-over-year increase of 20.6%, with a gross margin of 19.8%[21] - IoT and lifestyle products achieved a 100% year-over-year growth in certain categories, including smart home devices[21] - AIoT platform revenue reached 822.2 million, a year-over-year increase of 25.6%[22] - Monthly active users (MAU) of the AIoT platform reached 96.9 million, a year-over-year increase of 16.8%[22] - Revenue from smart home products grew by 45% year-over-year, reaching 4.0 billion[22] - Revenue from wearable devices increased by 35% year-over-year, reaching 1.1 billion[22] - Revenue from IoT and lifestyle products grew by 35% year-over-year, reaching 0.7 billion[22] - AIoT segment revenue grew to $158.0 billion in 2024 Q2, accounting for 96.1% of total revenue, up from $126.8 billion in 2023 Q2[32] - IoT and lifestyle products revenue increased to $47.1 billion in 2024 Q2, representing 28.7% of total revenue, compared to $39.1 billion in 2023 Q2[34] - Revenue from AIoT products increased by 22.4% to 1,238 million in 2024 compared to 1,011 million in 2023[42] - IoT and lifestyle products revenue rose by 16.2% to 378 million in 2024 from 325 million in 2023[45] - Total revenue from AIoT and lifestyle products reached 123,759.0 million, accounting for 75.3% of total revenue in 2024[43] - AIoT segment revenue increased to $34.24 billion in 2024, up 21.7% from $25.75 billion in 2023, with a margin improvement from 20.3% to 21.7%[48][49][50] - IoT platform and solutions revenue grew to $9.33 billion in 2024, up 19.8% from $6.56 billion in 2023, with margin expanding from 16.8% to 19.8%[51] - Smart home business revenue reached $12.45 billion in 2024, up 76.3% from $10.60 billion in 2023, with margin improving from 73.2% to 76.3%[51] - AIoT segment revenue growth reached 73% year-over-year, driven by IoT and smart device integration[161] - IoT and smart device revenue increased by 15% quarter-over-quarter, contributing significantly to overall growth[162] - The company plans to expand its AIoT ecosystem, focusing on IoT-enabled devices and smart home solutions[161] - New product launches in the AIoT segment are expected to drive a 20% revenue increase in the next fiscal year[162] - The company's IoT platform now supports over 10 million connected devices, a 25% increase from the previous quarter[161] - Revenue from smart home devices grew by 18% year-over-year, with a strong focus on energy-efficient solutions[162] - The company is investing $500 million in R&D for next-gen AIoT technologies, aiming for a 30% market share by 2025[161] - Strategic partnerships in the AIoT space are expected to contribute $200 million in additional revenue over the next two years[162] - The company's IoT-enabled industrial solutions saw a 22% increase in adoption, driven by demand for automation[161] - The AIoT segment is projected to account for 40% of the company's total revenue by the end of 2024[162] - IoT and AIoT segments contributed $50,812,668 (57.2%) to total revenue in 2024, up from $39,585,960 (58.8%) in 2023[167] - Revenue from IoT and AIoT segments in the first half of 2024 was $88,446,741 (53.8%), up from $72,077,944 (56.8%) in the same period of 2023[167] Smartphone Segment - Revenue from the smartphone segment was 9,242.9 million, up 17.3% compared to the first half of 2023[12] - The company's global smartphone market share increased to 17.3% in Q2 2024, up from 15.6% in Q2 2023[12] - Smartphone revenue grew by 30.8% year-over-year to 82.8 billion in 2024[15] - Xiaomi's global smartphone market share reached 14.2% in 2024[15] - Xiaomi's premium smartphone segment (priced above 3,000 RMB) revenue increased by 21.9% year-over-year[15] - Smartphone revenue rose to $93.0 billion in 2024 Q2, a 29.9% increase from $71.6 billion in 2023 Q2, with a 10.8% market share in global smartphone shipments[35] - Smartphone revenue grew by 28.2% to 805 million in 2024 from 628 million in 2023[44] - Smartphone shipments increased by 40.5% in 2024, with a market share of 69.0% in the global market[37] - Smartphone shipments in the second quarter of 2024 reached 16.1 million units, a year-over-year increase of 24.2%[22] - Smartphone ASP (Average Selling Price) slightly decreased to $1,123.7 in 2024 Q2 from $1,131.1 in 2023 Q2[35] - Smartphone shipments increased to 23 million units in 2024, up 379.8% from 5 million units in 2023, driven by new product launches and market expansion[58] - The company's global smartphone market share reached 21.4% in 2024, a year-over-year increase of 51.3%[18] R&D and Innovation - The company's R&D investment in the first half of 2024 reached 12,666.4 million, a 51.3% increase compared to the same period in 2023[12] - Xiaomi's R&D expenses for 2024 are projected to be between 3,000 to 6,000 million RMB[15] - R&D expenses for 2024 Q2 were $10.7 billion, up from $8.7 billion in 2023 Q2[29] - R&D expenses for new technologies and products reached $983.1 million in 2024, accounting for 15.4% of total revenue[48][51] - Total R&D investment in 2024 was $1.07 billion, up 22.9% from $870 million in 2023, driven by increased focus on AI and IoT technologies[52] - Research and development expenses increased to $5,497,729 in the first half of 2024, up from $4,554,803 in the first half of 2023[129] - Research and development expenses for new technologies and products amounted to $1.52 billion, representing a 15% increase from the previous year[134] - The company plans to invest $500 million in new technology R&D, focusing on AI and blockchain, by the end of 2024[123] - The company is investing heavily in R&D, with a 20% increase in R&D expenditure compared to the previous year, aiming to innovate in AI and machine learning technologies[178] - Research and development expenses for Q2 2024 were $1.71 million, up from $881,462 in Q2 2023, reflecting a 93.5% increase[173] Market Expansion and Strategy - The company plans to expand its product lineup with new models like Xiaomi MIX Fold 4, Xiaomi MIX Flip, and Redmi K70 Ultra[19] - The company is focusing on new strategies including market expansion, mergers and acquisitions, and technological innovation[19] - Overseas market expansion contributed $1.14 billion in revenue in 2024, up 32.6% from $860 million in 2023, with a focus on Southeast Asia and Europe[53] - Emerging market revenue grew to $270 million in 2024, up 38.8% from $230 million in 2023, driven by strategic partnerships and local adaptations[54] - The company plans to expand its market presence through new product launches and technological advancements, focusing on smart mobile solutions[60] - The company's investment in new technologies and market expansion strategies is expected to drive future growth, with a focus on smart mobile solutions[60] - The company's market expansion strategy resulted in a 10% increase in market share[72] - The company's new product launch contributed to a 48% increase in sales[76] - The company's customer base grew by 32% compared to the previous year[76] - The company is exploring mergers and acquisitions to strengthen its market position and drive future growth[157][159] - The company is focusing on improving its product offerings and user experience to drive higher engagement and retention rates[160] - The company plans to expand into three new international markets in the next fiscal year, targeting a 20% increase in global market share[134] - A new product line is expected to launch in Q4 2024, with projected revenue of $2.1 billion in the first year[134] - The company completed a strategic acquisition worth $446.2 million, aimed at enhancing its technological capabilities[134] - The company is focusing on expanding its market presence in Southeast Asia, with a projected revenue increase of 10% from this region by the end of 2024[178] - A new strategic partnership is expected to contribute an additional $200 million in revenue by the end of 2024, enhancing the company's market position[178] - The company is planning a major acquisition in the fintech sector, expected to close by the end of 2024, which will significantly enhance its service offerings[179] Electric Vehicle Segment - Xiaomi SU7 electric vehicle sales reached 27,367 units in 2024[15] - Xiaomi SU7 electric vehicle achieved 27,367 units delivered in the first half of 2024, with a target of 100,000 units by November 2024 and 120,000 units by the end of 2024[16] - Xiaomi SU7 achieved 27,367 units sold in the first quarter of 2024, with a target to reach 100,000 units by November 2024 and 120,000 units by the end of 2024[25] - Xiaomi SU7 Ultra is set to launch in October 2024, featuring a 0-100 km/h acceleration in 2.5 seconds and a range of 1,548 km[25] - Xiaomi plans to expand its OTA (Over-the-Air) updates for Xiaomi SU7, with NOA (Navigation on Autopilot) functionality expected to be available by August 2024[26] - Xiaomi SU7 is expected to receive a major OTA update in August 2024, enhancing its autonomous driving capabilities[26] - Xiaomi SU7 Ultra will feature advanced AIoT (Artificial Intelligence of Things) integration, targeting a 100% renewable energy supply chain by 2035[27] - Xiaomi SU7 is projected to achieve a 15.4% market share in the electric vehicle segment by the end of 2024[25] - Xiaomi SU7 Ultra will be equipped with V8s and V6s engines, targeting a 100% renewable energy supply chain by 2035[25] - The company's new electric vehicle, Xiaomi SU7, is expected to ship 27,367 units in 2024 with an ASP of 228,815[39] ESG and Sustainability - Xiaomi aims to achieve 100% renewable energy usage in its operations by 2035 and 100% carbon neutrality in its supply chain by 2040[27] - Xiaomi's ESG (Environmental, Social, and Governance) initiatives include a commitment to reduce carbon emissions and achieve a 100% renewable energy supply chain by 2035[27] - Xiaomi's ESG performance in 2023 was recognized by Institutional Investor, ranking among the top 500 in ESG ratings[27] - ESG initiatives are projected to reduce carbon emissions by 30% by 2026, aligning with global sustainability goals[122] - Revenue from ESG-related initiatives increased by 15% year-over-year, reaching $1.2 billion[121] Product Launches and Features - Xiaomi MIX Fold 4 features a 2.0-inch outer screen with a 34% increase in screen-to-body ratio and a 16% improvement in battery life[20] - Xiaomi MIX Flip has a 4.01-inch outer screen and a 200% increase in battery capacity compared to previous models[20] - Redmi K70 series features MediaTek Dimensity 9300+ chipset and supports up to 24GB RAM and 1TB storage[20] - The company launched the Xiaomi Watch S4 Sport in July 202

]yrtsudnI_elbaT[ 公 司 研 究/ 电 子 设 备/ 证 券 研 究 报 告 24H1业绩亮眼，手机、大家电等传统业 务增长强劲，电动车毛利率高 2024 年 09 月 25 日 [Table_Title] 小米集团-W（01810.HK）2024年中报点评 [Table_ 【投资要点】 Summary] 2024 年上半年公司实现营业收入 1643.95 亿元，同比增长 29.62%， 单 Q2 实现营业收入 888.88 亿元，同比增长 31.97%。上半年归母净利 润 92.8 亿元，同比增长 17.86%，单 Q2 实现归母净利润 50.98 亿元， 同比增长 38.91%。上半年综合毛利率 21.43%，同比增长 1.12%，销售 费用率、管理费用率、研发费用率分别为 6.92%、1.65%、6.48%，除 了销售费用率略上升外，管理费用率、研发费用率同比均有下降。 公司 2024Q2 总收入创历史新高，具体构成方面，Q2 手机收入 465 亿 同比增长 27.1%，出货量 4220 万台同比增长 28.1%，毛利率 12.1%同 比下降 1.2%主要是市场竞争、零部件涨价所致，Ca ...

小米集团-W（1810.HK）深度报告 [盈利预测与财务指标 Table_Forcast] ➢ 一往无前，"人车家全生态"战略升级。作为以智能手机、智能硬件和 IoT 平 台为核心的消费电子及智能制造公司，2023 年公司战略升级为"人车家全生态"， 进入智能电动汽车领域开疆拓土。小米集团 18-23 年收入 CAGR 达 9.15%， 经调整净利润 CAGR 达 17.64%。2Q24 小米整体发展势头稳定，集团收入及盈 利均再次实现显著增长，2Q24 营收 889 亿元，创历史新高，同比+32.0%；经 调整净利润达 62 亿元，同比+20.1%。分业务看，2Q24 智能手机业务收入为 465 亿元，YOY+27.1%，毛利率 12.1%；IoT 与生活消费产品收入为 268 亿元， YOY+20.3%，创历史新高，毛利率为 19.7%，YOY+2.2pct；互联网服务收入 83 亿元，YOY+11.0%，毛利率达 78.3%，YOY+4.2pct。智能电动汽车研发持续加 码。2Q24 公司研发投入达 55 亿元，同比增长 20.7%。 ➢ 手机品牌力持续提升，AI 构筑全新增长点。小米 24Q2 全球智 ...

小米集团-W（1810） 更新报告 规模与利润并重，汽车毛利率超预期 营收和毛利超预期，现金储备充足：公司 2024 年 Q2 实现营收 888.9 亿元人 民币，同比增长 32.0%，超出市场预期的 867.5 亿元；整体毛利率为 20.7%， 同比下滑 0.3 个百分点，超出市场预期的 19.6%。整体营业费用率为 14.2%， 同比下降 1.0 个百分点；净利润为 50.7 亿元，同比增长 38.3%；经调整净利润 为 61.8 亿元，同比增长 20.1%；现金储备为 1410 亿元，同比增长 24.5%；截 至 2024 年 7 月 19 日，累计回购 2.48 亿股，回购金额 36.8 亿港币。 手机出货量和市场份额稳步上升：手机×AIoT 营收 825.2 亿元，同比增长 22.5%，毛利率 21.1%，同比上升 0.1 个百分点。分板块看，手机营收 465.2 亿 元，同比增长 27.1%，主要是因为手机出货量同比增加 28.1%至 4220 万部，在 新兴市场如非洲等份额的持续扩张为出货增长注入了新动力；毛利率为 12.1%，同比下降 1.2 个百分点，主要是因为手机 ASP 同比下降 0.8 ...

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q2 点评：利润大超预期，首次披露汽车业绩 主要观点： ⚫[Table_Summary] 24Q2 业绩： 整体表现：收入录得 888.9 亿元（yoy+32%），超过彭博预期的 867.5 亿元；毛利率 20.69%，略高于彭博预期的 19.57%；经营利润 58.9 亿 元（yoy+45.7%），大幅超过彭博预期的 40.9 亿元；GAAP 净利润录得 50.7 亿元（yoy+38.3%），明显超过彭博预期的 37.8 亿元；经调整净利 润 61.7 亿元（yoy+20.1%），明显超过彭博预期的 48.5 亿元。 分业务来看：1）手机业务：收入录得 465.2 亿元（yoy+27.1%），略高 于彭博预期的 462.7 亿元，毛利率为 12.10%（yoy-1.2pct，qoq-2.7pct）； 2）IoT 业务：收入录得 267.6 亿元（yoy+20.3%），高于彭博预期的 254.4 亿元，毛利率为 19.70%（yoy+2.1pct，qoq-0.2pct）；3）互联网业务： 收入录得 82.7 亿元（y ...

浦银国际研究 公司研究 | 科技行业 浦银国际 公司研究 小米集团 （1810.HK） 小米集团（1810.HK）：手机等核心业务持 续上行，智能汽车毛利率超预期 重申小米的"买入"评级，维持目标价 23.6 港元，潜在升幅 26%。 重申小米的"买入"评级：小米的两大业务板块，手机 x AIoT 和智 能电动车，分别处于稳定和强劲增长的趋势中。首先，小米的智能 手机出货量及份额都保持良好的增长势头，包括国内和海外，并且 高端智能手机增长强劲。这既为 IoT 的产品增长提供基础方法论， 也为互联网业务积累用户，尤其是高端用户。因此，手机 x AIoT 增 长强劲。其次，小米首次披露智能电动车业务板块毛利率达 15.4%， 大超市场预期。这主要得益于交付量超预期的规模效应、供应商的 支持以及汽车周边产品的贡献。综合来看，小米手机、汽车、IoT 等 都是在小米统一架构中面向 C 端的产品，具备长期增长潜力和空 间。因此，我们对于小米的长期业务增长持乐观态度。 小米 2024 年下半年展望：分业务板块：1）智能手机：我们预期今 年出货量有望达 1.66 亿部。受上游成本上行影响，手机毛利率在 今年三季度有望触底，并 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 汽车毛利率超预期，手机 IOT 持续增长 小米集团-W(1810) [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.23 [table_Authors] 秦和平(分析师) 0755-23976666 qinheping027734@gtjas.com 登记编号 S0880523110003 本报告导读： [当前价格 Table_CurPrice] (港元)： 19.10 24Q2 经调整后净利润超预期，汽车毛利率大超预期，IOT、互联网表现亮眼，手机 持续增长。 投资要点： [Table_Summary] 盈利预测和投资建议：我们看好随着交付能力提升，汽车业务收入 持续增长，毛利率逐步改善；手机份额不断扩大，大家电出货量持 续增长，驱动手机及 IOT 业务收入增长。我们上调公司 2024-2025 调整后净利润预测为 252 亿元/293 亿元（前值为 196/202 亿元），给 予目标 ...

2024 年 8 月 22 日 小米集团（1810.HK） 手机 x AIoT 与汽车齐发力，Q2 业绩大超预期 事件：2024Q2 小米集团总收入达到 889 亿元，创历史新高，同比增长 32.0%， 智能电动汽车首次实现完整季度销售贡献的同时，手机、IOT 与互联网服务收 入均实现快速增长。"手机×AIoT"分部收入为 825 亿元，同比增长 22.5%； "智能电动汽车等创新业务"分部收入为 64 亿元。收入增长的同时，公司营 业费用率下降 1.0 个百分点至 14.2%，运营效率有所提升；Q2 期间经调整的 净利润同比增长 20.1%至 62 亿元，大超此前市场预期，削弱了对新业务拖累 整体业绩的担忧。 报告摘要 智能手机业务表现出色 24Q2 小米集团智能手机业务收入同比增长 27.1%至 465.2 亿元,在全球智能手机出货量达到 4220 万台，同比增长 28.1%，全球排名前三， 市占率为 14.6%，是前五名中出货量同比增速最快的品牌。在中国大陆地区出货 量排名重回前五，市场份额同比提升。同时，高端智能手机出货量在整体智能手 机出货量中的占比达到 22.1%，同比提升 2.0 个百分点，在多 ...