证券研究报告·海外公司点评·资讯科技器材(HS) 小米集团-W（01810.HK） 2024 年一季报点评：业绩超预期，“人车家” 2024 年 05月 25日 齐头并进 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 280044 270970 329333 364684 400121 执业证书：S0600123070070 同比(%) (14.78) (3.24) 21.54 10.73 9.72 libw@dwzq.com.cn 归母净利润（百万元） 2474 17475 16130 19692 22578 同比(%) (87.21) 606.34 (7.70) 22.08 14.65 股价走势 EPS-最新摊薄（元/股） 0.10 0.70 0.65 0.79 0.90 小米集团-W 恒生指数 P/E（现价&最新摊薄） 184.59 26.13 28.31 23 ...

证券研究报告·海外公司点评·资讯科技器材(HS) 小米集团-W（01810.HK） 2024 年一季报点评：业绩超预期，“人车家” 2024 年 05月 25日 齐头并进 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 280044 270970 329333 364684 400121 执业证书：S0600123070070 同比(%) (14.78) (3.24) 21.54 10.73 9.72 libw@dwzq.com.cn 归母净利润（百万元） 2474 17475 16130 19692 22578 同比(%) (87.21) 606.34 (7.70) 22.08 14.65 股价走势 EPS-最新摊薄（元/股） 0.10 0.70 0.65 0.79 0.90 小米集团-W 恒生指数 P/E（现价&最新摊薄） 184.59 26.13 28.31 23 ...

电子/消费电子 公 司 研 小米集团-W（01810.HK）汽车上升势头持续，高端化及出口提振长期前景 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 日期 2024/5/23 证 书编号：S0790521110001 港 当前股价(港元) 18.940  汽车上升势头持续，高端化及出口提振长期前景，维持“买入”评级 股 一年最高最低(港元) 20.350/9.860 IoT业务规模扩张及毛利率超出我们预期，短期内汽车等创新业务费用亏损，我 公 司 总市值(亿港元) 4,726.55 们预期 2024-2026 年经调整净利润 203/227/219 亿元，对应同比增速分别为 信 流通市值(亿港元) 4,726.55 5.3%/11.9%/-3.8%。当前股价18.94港币对应2024-2026年22.4/20.0/20.8倍PE， 息 总股本(亿股) 249.55 主业利润强劲有望提供充足现金流，汽车产能加速爬坡及 2025 年新车热度持续 更 新 流通港股(亿股) 249.55 有望提振市场信心，高端化及出口战略提振主业 ...

2024 年 5 月 24 日 CMB 国际全球市场 | 股票研究 | 公司更新 小米 （ 1810 HK ） 第 1 季度利润率强劲 ； SU7 交付目标乐观 小米第 1 季度的收入 / 净利润同比增长 27 ％ / 101 ％，超过了我们 / 普遍的预期，这主要是 由更强的 GPM，改善的收入组合和更好的财务收入推动的。展望未来，小米重申了其对智能 目标价 25.39 港元 手机全球份额增长，新零售战略执行和 EV 出货量交付以及管理层的积极看法。指导目标为每 （ 先前 TP 23.77 港元 ） 年 120 电动汽车交付量 （ 与之前的指导相比，100 ） 。我们相信小米的份额增长势头、 涨 / 跌 34.0% AIoT 销售实力和海外互联网收入将继续推动盈利增长至 FY24E - 25E 。我们将 FY24 - 26E 现价 18.94 港元中国技术 每股收益提高 12 - 16%，以考虑强劲的第一季度业绩，并将基于 SOTP 的 TP 提高至 25.39 亚历克斯 NG 港元。即将到来的催化剂包括 SU7 出货量的进展和智能手机市场份额的增长。 (852) 3900 0881  1Q24 以更好的 ...

M N 24 May 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 1Q24 beat on strong margins; Positive on upbeat SU7 delivery target Target Price HK$25.39 Xiaomi’s 1Q24 revenue/net profit growth of 27%/101% YoY beat our/consensus (Previous TP HK$23.77) estimates, mainly driven by a stronger GPM, improving revenue mix and better Up/Downside 34.0% finance incomes. Looking ahead, Xiaomi reiterated its positive view on Current Price HK$18.94 smartphone global share gains, new ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票股權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 截 至 2024 年 3 月 31 日 止 三 個 月 之 業 績 公 告 小米集团（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2024年3月31日止三個月的未經審核綜合業績。中期業績依據國際會計準則 第34號「中期財務報告」編製，已由本公司獨立核數師羅兵咸永道會計師事務所根據國際 審計及鑒證準則理事會頒佈的國際審閱準則第2410號「由實體的獨立核數師執行中期財 務資料審閱」審閱。中期業績亦由本公司審核委員會（「審核委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 摘要 未經審核 截至以下日期止三個月 2024年 2023年 2023年 3月31日 3月31日 同比變動 12 ...

浦银国际研究 公司研究 | 科技行业 小米集团（1810.HK）1Q24 业绩前瞻： 沈岱 浦 核心业务利润释放强劲 首席科技分析师 银 tony_shen@spdbi.com 国 (852) 2808 6435 小米核心业务重回上升通道，汽车新业务大获成功。重申小米的“买 际 入”评级，上调目标价至 23.6 港元，潜在升幅 22%。 黄佳琦  小米一季度业绩前瞻：核心业务利润释放强劲：我们预期小米今年 科技分析师 一季度收入将同比增长 25%，同比增速较去年四季度再次上扬。其 sia_huang@spdbi.com 中，智能手机出货量在中国和海外份额提升，以及 IoT 业务中大家 (852) 2809 0355 电品类大幅成长。同时，用户基数增长使得互联网业务保持稳定成 马智焱 长势能。这都推动公司一季度收入增长强劲。我们预期小米三个核 科技分析师 心业务板块毛利率分别为 14.5%、20%、75%，保持较高位置。因此， 公 ivy_ma@spdbi.com 我们预计小米经调整后净利润有望接近人民币 55 亿元，同比增长 司 (852) 2809 0300 研 ...

M N 9 May 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 1Q24E preview: Expect strong earnings ahead; Raise TP to HK$23.77 Target Price HK$23.77 Xiaomi will report 1Q24 results in late May. We estimate 1Q revenue/adj. net profit (Previous TP HK$22.19) to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, Up/Downside 24.5% backed by strong smartphone shipments, better GPM across all segments and Current Price HK$19.10 prudent expense controls. Lo ...

证券研究报告 | 公司点评 2024年05月08日 小米集团-W（01810.HK） SU7 订单强势，手机出货复苏 手机：出货量强势复苏，市占率提升。据Canalys、IDC估算，2024Q1小 买入（维持） 米智能手机出货量分别为4080/4070万台，yoy+33.8%%/33%，市场份 股票信息 额提升至14%、yoy+3pct，位列全球第三。 行业 互联网软件与服务 2024Q1，出货量方面，我们预计小米集团 2024Q1 手机出货量有望达到 前次评级 买入 4080万台，同比提升34%。由于BOM成本有所提升，我们预计Q1小米 手机业务毛利率环比有所下滑、但同比仍保持较高水平。展望全年，我们 5月7日收盘价(港元) 17.94 预计 2024 年小米手机业务将实现较好复苏，我们预计出货量有望达到 总市值(百万港元) 447,639.30 1.66亿台、yoy+14%，ASP也或将在高端化的推动下实现提升。 总股本(百万股) 24,952.02 其中自由流通股(%) 100.00 小米汽车销售亮眼，毛利超预期。据小米汽车5月1日微博，从4月3日 30日日均成交量(百万股) 139.94 首次交付起， ...

Financial Performance - Xiaomi's total revenue for 2023 was 270,970,141 units[10] - Xiaomi's operating profit for 2023 was 57,476,239 units[10] - Xiaomi's net profit for 2023 was 20,008,670 units[10] - Xiaomi's basic earnings per share for 2023 was 22,011,047 units[10] - Xiaomi's diluted earnings per share for 2023 was 17,474,196 units[10] - Xiaomi's adjusted net profit for 2023 was 17,475,173 units[10] - Xiaomi's cash flow from operating activities for 2023 was 18,510,061 units[10] - Xiaomi's adjusted cash flow from operating activities for 2023 was 18,507,548 units[10] - Xiaomi's total assets as of 2023 were 19,272,754 units[10] - Total revenue for 2023 reached 324,247,439, a 18.5% increase compared to 2022[11] - Xiaomi's revenue in 2023 reached 121.8 billion yuan, a year-on-year increase of 44.9%[16] - Xiaomi's cash and cash equivalents as of December 31, 2023, stood at 136.3 billion yuan[16] - Total revenue for 2023 increased by 6.3% to 301 billion[19] - Operating profit for 2023 increased by 11.2% to 205 billion[19] - Revenue for 2023 decreased by 3.2% to 270,970.1 million compared to 280,044.0 million in 2022[25] - Operating profit for 2023 increased to 57,476.2 million from 47,577.2 million in 2022[24] - Net profit for 2023 significantly increased to 20,008.7 million from 2,816.5 million in 2022[24] - Gross profit margin improved to 21.2% in 2023 from 17.0% in 2022[24] - Total revenue for 2023 was $134.48 billion, a decrease of 11.7% compared to $152.25 billion in 2022[34] - Net profit for 2023 was $45.6 billion, compared to a net loss of $400.1 billion in 2022[43] - Revenue for 2023 increased to 7,662.1 million, up from 5,799.6 million in 2022[53] - Net income for 2023 decreased to 4,303.0 million, down from 7,716.0 million in 2022[53] - The company's operating income for 2023 was 17,474,197 thousand, with a growth rate of 6.4%[55] - Net profit for 2023 was 3,344,357 thousand, with a growth rate of 7.1%[55] - Total revenue for the year ending December 31, 2023, was 33,627 million, an increase from 31,537 million in the previous year[63] - The company's operating profit for the year ending December 31, 2023, was 17,800 million[63] - Net profit attributable to shareholders for the year ending December 31, 2023, was 11,861 million, a 14.1% increase from the previous year[63] - Total revenue for the period reached 3,620,173,600[73] - Net income for 2023 was 280,734,400[73] - The company's total assets for 2023 amounted to 234,181,394 units[83] - The company's net income for the period was 240,454,414 units[84] - The company's total revenue for 2018 was 2,512,694,900 units[85] - Total revenue for 2023 reached 2,503,959,565 USD, with a net income of 125,197,978 USD[117] - Operating expenses for 2023 amounted to 150,622,365 USD, with a net profit of 354,225 USD[117] - The company's revenue growth rate for 2023 was 10.0%, reaching 2,501,663,634 USD[118] - The company's operating margin for 2023 was 17%, reflecting strong cost management[120] - The company's net profit margin for the year 2023 was 8.10%[148] - The company's total liabilities as of December 31, 2023, were 336 million units[149] - The company's equity attributable to shareholders was 352 million units as of December 31, 2023[144] - The company's revenue for 2023 reached $67 billion, reflecting a significant growth trajectory[157] - The company's revenue for the fiscal year 2023 reached $200.1 billion, marking a substantial growth[165] - The company's revenue for 2023 reached $73 billion, reflecting a significant growth trajectory[167] - Revenue from core business operations reached $9.033 billion, with a growth of 5,301%[170] - Total revenue for the fiscal year ending December 31, 2023, was 4,113,113,657 yuan, with a year-over-year growth of 62.2%[177] - Net profit for the fiscal year ending December 31, 2023, was 453,919,103 yuan, with a year-over-year growth of 6.9%[177] - Revenue for the fiscal year ending December 31, 2023, reached $82 billion[184] - The company's revenue for 2023 reached 85 billion[192] - Revenue for the September quarter reached a record $96.77 billion in China[110] - The company reported a net income of $3.21 billion for the quarter[194] - Revenue increased by 8.8% year-over-year, driven by strong performance in key markets[197] - The company's financial performance for the quarter ending December 31, 2023, showed significant growth in key metrics[200] IoT and AIoT Platform - IoT platform connected devices reached 739.7 million by the end of 2023, a 25.5% year-over-year growth[15] - The company's AIoT platform connected devices grew to 641.2 million by the end of 2023, a 10.2% increase[15] - Xiaomi's AIoT platform connected devices increased by 40% in 2023, reaching 673 million units[16] - Xiaomi's IoT and lifestyle products revenue grew by 21.2% in 2023, contributing 14.6% to total revenue[16] - Xiaomi's IoT and lifestyle products revenue in 2023 was 16.3 billion yuan, a year-on-year increase of 1.9%[16] - Xiaomi's IoT and lifestyle products revenue grew by 16.3% in 2023, reaching 80.1 billion RMB[18] - Xiaomi's AIoT platform connected devices reached 739.7 million units by the end of 2023, a 25.5% year-over-year increase[18] - IoT and lifestyle products revenue slightly increased by 0.4% to 80,107.7 million in 2023 from 79,794.9 million in 2022[28] - IoT business revenue for 2023 was $67.03 billion, a decrease of 1.9% compared to $68.30 billion in 2022[35] - IoT business operating profit margin improved to 16.3% in 2023, up from 14.4% in 2022[38] - The company's IoT and lifestyle products revenue reached 48% of total revenue for the year ending December 31, 2023, up from 40% in the previous year[66] - The company's IoT and lifestyle products revenue accounted for 15% of total revenue for the year ending December 31, 2023[69] - The company's IoT and lifestyle products revenue growth was driven by a 24.4% increase in shipments[70] Smartphone Market - Global smartphone shipments in Q4 2023 increased by 23.9% year-over-year, reaching 40.7 million units[15] - Xiaomi's global smartphone market share reached 12.8% in 2023, with significant growth in the premium segment[15] - The company's premium smartphone shipments (priced above $400) increased by 126.3% year-over-year in 2023[14] - Xiaomi's premium smartphone market share in China reached 16.9% in 2023, with a 9.2% year-over-year growth[15] - Xiaomi's smartphone shipments in 2023 accounted for 51% of the global market share, with a 65% share in the premium segment[16] - Xiaomi's global smartphone market share in 2023 was 12.4%, with a 1.3% increase in the premium segment[16] - Xiaomi's premium smartphone segment revenue grew by 74.2% in 2023, contributing 2.4% to total revenue[16] - Xiaomi's global smartphone market share increased by 4.3% in 2023, with shipments reaching 145.6 million units[17] - Xiaomi's smartphone shipments in the Chinese market grew by 40% in 2023, with revenue increasing by 49% to 4.4 billion RMB[18] - Xiaomi's premium smartphone shipments in China reached 2.0 million units in 2023, a significant increase from the previous year[18] - Smartphone revenue decreased by 5.8% to 157,461.3 million in 2023 from 167,217.2 million in 2022[27] - The company's global smartphone shipments increased by 12% year-over-year[69] - The company's global smartphone market share increased by 34% year-over-year[69] R&D and Innovation - Xiaomi's R&D expenses for 2023 amounted to 19.1 billion, a 19.2% increase compared to the previous year[15] - Xiaomi's R&D expenses in 2023 amounted to 19.3 billion yuan, a year-on-year increase of 126.3%[16] - Xiaomi's SU7 electric vehicle is set to launch on March 28, 2024, with a CLTC range of 800 km[16] - Xiaomi launched the Xiaomi 14 series in October 2023, featuring advanced AI capabilities and the new HyperOS[17] - Xiaomi plans to launch the Xiaomi 14 Ultra in February 2024, featuring the Summilux lens and advanced AI imaging technology[17] - Xiaomi's Redmi Note 13 series and Redmi K70 series were launched in 2023, with the Redmi K70 series featuring AI-enhanced camera technology[17] - R&D expenses for 2023 were $19.1 billion, an increase of 19.2% compared to $16.0 billion in 2022[39] - The company's R&D investment for 2023 increased by 12% compared to the previous year[121] - Research and development investment increased by 20% in 2023, focusing on AI and IoT technologies[137] - The company is focusing on R&D for new technologies, with a budget allocation of $740 million[172] - Research and development expenses increased by 20% to $1.2 billion, focusing on AI and machine learning[196] - New product development accounted for 22% of total R&D expenditure, focusing on innovation and technology[199] Market Expansion and Strategy - Xiaomi HyperOS was launched in October 2023, marking a significant upgrade in the company's operating system[15] - Revenue from new strategies in 2023 grew by 24.1% to 84 billion[19] - The company's market expansion strategy includes a focus on new product development and technological innovation[148] - The company's strategic partnership with XPeng Inc. was established on June 20, 2023[148] - The company's financial performance for 2023 showed a significant increase in operational efficiency and profitability[144] - The company plans to expand its market presence with a focus on new product development and technology innovation[119] - The company's market expansion strategy includes a focus on new regions, with a projected increase in market penetration by 10%[192] - The company's new strategy includes enhancing user data analytics and customer engagement[177] - The company is exploring new markets to increase its global presence[177] - Market expansion into Southeast Asia is expected to contribute $500 million in revenue by 2025[185] - The company completed a $3.13 billion acquisition to enhance its product portfolio[185] - The company plans to launch a new product line in Q1 2024, targeting a 15% market share increase[183] - Market expansion into Southeast Asia is projected to increase revenue by 15% in 2024[195] - The company completed a $500 million acquisition to enhance its technology portfolio[196] - Market expansion in Southeast Asia resulted in a 18.5% increase in regional revenue[198] - The company announced plans to expand into three new international markets in the next fiscal year[200] - A major acquisition is underway, expected to close by mid-2024, which will enhance the company's technological capabilities[200] User Base and Engagement - The company's global MIUI monthly active users reached 641.2 million by the end of 2023[15] - User base for K services grew by 10.2% to 641.2 million in December 2023[19] - The company's user base increased by 0.9% compared to the previous period[83] - User base grew by 56% to 763 million active users[135] - User base grew by 49% in 2023, reaching 42 million active users[136] - The company's user base increased to 9,973,000 as of December 31, 2023, up 13.0% from 8,822,000 on December 31, 2022[162] - The user engagement rate rose to 3.7% in 2023, compared to 3.2% in 2022[162] - The company's user data shows a significant increase, with 86.93 million active users reported[164] - User data showed a 12% increase in active users compared to the previous year, reaching 1.2 billion[158] - User data showed a 10% increase in active users, reaching 1.5 billion globally[194] - User base grew by 12.3% to 89 million active users, reflecting successful market expansion strategies[198] - User data indicated a substantial increase in active users, reaching a new high of 12 million[200] ESG and Sustainability - ESG initiatives in 2023 achieved a 73% improvement in EcoVadis score compared to 2022[21] - ESG initiatives contributed to a 15% reduction in carbon emissions, aligning with sustainability goals[197] - The company plans to reduce carbon emissions by 25% by 2030 as part of its sustainability strategy[185] Shareholding and Equity - Smart Mobile Holdings Limited issued 1,000,000,000 shares at HK$23.70 per share, raising a total of HK$23.70 billion[58] - Xiaomi Best Time International Limited issued 6 billion shares at 3.375% interest, maturing in 2030[59] - Xiaomi Best Time International Limited issued 8 billion shares at 2.875% interest, maturing in 2031, and 4 billion shares at 4.100% interest, maturing in 2051[59] - The company's total liabilities increased by 236% in 2022 and 279% in 2023[60] - The company's total assets increased by 671% in 2023, reaching 430 billion[62] - The company's net profit margin was 5.0% in 2023[62] - The company's total liabilities increased by 17% in 2023[62] - The company's total liabilities increased by 680% in 2023[62] - The company's total liabilities increased by 5% in 2023[62] - The company's total assets as of December 31, 2023, were 62,775.6 million[72] - The company's total assets as of December 31, 2023, amounted to 4,113,113,657 shares of Class A and 1,789,599,309 shares of Class B[144] - The company holds 100% ownership in Parkway Global Holdings Limited, Sunrise Vision Holdings Limited, and Smart Mobile Holdings Limited[144] - Smart Mobile Holdings Limited holds 4,113,113,657 shares, representing 90.06% of the total shares[142] - Smart Player Limited holds 59,221,630 shares, representing 0.29% of the total shares[142] - Team Guide Limited holds 92,245,042 shares, representing 0.45% of the total shares[142] - Apex Star LLC holds 1,701,528,712 B shares and 453,919,103 A shares, representing 8.30% and 9.94% of the total shares respectively[143] - Bin Lin and Daisy Liu Family Foundation holds 60,686,600 B shares, representing 0.30% of the total shares[143] - Morningside China TMT Fund I, L.P. holds 7 B shares, representing 0.00% of the total shares[143] - Lofty Power International Limited holds 135,871,935 B shares, representing 0.66% of the total shares[143] - Apex Star FT LLC holds 93,438,272 B shares, representing 0.46% of the total shares[143] - 㲲岉䓤䭣䏈灭楛㷱灮㛋昒℮⎺ holds 2,443,200 B shares, representing 0.01% of the total shares[143] - The company's total B shares held by related entities amount to 803,063,913[151] - The company's strategic investments and holdings are diversified across multiple entities, with specific percentages and share counts detailed[151] - The company's financial performance and shareholding structure are detailed with specific numbers and percentages, reflecting a robust and diversified portfolio[150] Product Launches - Xiaomi's SU7 electric vehicle is set to launch on March 28, 2024, with a CLTC range of 800 km[16] - Xia