Investment Rating - The report assigns a "Buy - A" rating to the company with a 6-month target price of HKD 20.57, based on a valuation of HKD 512.52 billion for 2024 [3][6]. Core Insights - The company is entering a growth cycle with its "people, car, home" ecosystem, leveraging its hardware, IoT, and automotive segments to enhance monetization efficiency [1][2]. - The "Iron Triangle" business model, which combines hardware acquisition, new retail strategies, and internet monetization, has established the company as a global technology player [1][2]. - The company achieved a global smartphone market share ranking in the top three, with overseas revenue accounting for 44.9% of total income in 2023 [1]. Summary by Sections Company Overview - The company was founded in April 2010 and focuses on smartphones, smart hardware, and IoT platforms, utilizing a business model that emphasizes hardware acquisition and internet monetization [10][11]. - The company has expanded its retail channels significantly, with over 10,600 physical stores by February 2023, enhancing its market reach [13]. Strategic Initiatives - The company is focusing on three main hardware terminals: smartphones, smart cars, and IoT products, which are all experiencing rapid growth [1][2]. - The first electric vehicle, Su7, received positive market feedback, with over 88,100 orders in its first month and expectations to exceed 100,000 deliveries by November 2024 [1][10]. Financial Performance - The company reported a revenue of HKD 755.07 billion in Q1 2024, a year-on-year increase of 26.95%, with adjusted net profit reaching a historical high [17][19]. - The revenue structure is diversifying, with smartphones contributing 58%, IoT and consumer products 30%, and internet services 11% in 2023 [19][20]. Market Position - The company has successfully positioned itself as a top-three global smartphone manufacturer, with a significant presence in international markets, particularly in Europe and Southeast Asia [24][26]. - The company is actively pursuing high-end market segments, with a notable increase in the sales proportion of high-end smartphones in China [27][28].

5 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 2Q24E preview: expect resilient core earnings with better EV profitability; Reiterate BUY Xiaomi will report 2Q24 results in late August. We estimate 2Q revenue/adj. net income of RMB 89.2bn/5.1bn (+30%/flattish YoY), 6%/15% above consensus, mainly driven by strong smartphone sales, strength in AIoT/internet and better EV sales with improving profitability. Looking ahead into 2H24E, we are positive on Xiaomi's gl ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24.29, reflecting a potential upside of 51.0% from the current price of HKD 16.08 [2][3][13]. Core Insights - The company is expected to report resilient core earnings and improved profitability in its electric vehicle (EV) segment, driven by strong smartphone sales and growth in AIoT and internet services [2][10]. - The global smartphone market share for the company has increased to 15%, with a year-on-year shipment growth of 27%, outperforming the industry average of 12% [2][3]. - The company anticipates a 30% year-on-year revenue growth for Q2 2024, with total revenue estimated at RMB 89.226 billion and adjusted net profit at RMB 4.459 billion [2][8]. Revenue and Profitability Summary - Revenue projections for FY24E are RMB 343.507 billion, with a year-on-year growth of 26.8%. Adjusted net profit is expected to reach RMB 21.785 billion, reflecting a 13% increase [3][10]. - The gross profit margin (GPM) for smartphones is projected to remain between 9% and 13%, while the GPM for AIoT is expected to be around 19.6% [2][10]. - The company’s adjusted earnings per share (EPS) for FY24E is estimated at RMB 0.88, with a consensus EPS of RMB 0.74, indicating a 19% higher projection than consensus [10][12]. Market Performance and Valuation - The company’s stock has shown a 31.8% increase over the past six months, outperforming the market [5]. - The report highlights that the current price-to-earnings (P/E) ratio is attractive at 17.0x for FY24E and 14.8x for FY25E [2][10]. - The valuation is based on a sum-of-the-parts (SOTP) approach, assigning a P/E of 15x for its smartphone, AIoT, and internet businesses, and a P/S of 0.75x for its EV business [13][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.12 HKD based on a 28x PE valuation for 2024 [1][6][3]. Core Insights - The company's smartphone shipments continue to show strong year-on-year growth, with a 27% increase in Q2 2024, reaching 42.3 million units, securing a 15% global market share [1]. - The company is focusing on high-end products, launching new models in its foldable smartphone series, which are designed to compete with flagship models [1]. - The establishment of new manufacturing facilities, including a 2.4 billion RMB factory in Changping with an annual capacity of 10 million flagship phones, indicates a commitment to smart manufacturing [1]. - The electric vehicle segment is also performing well, with the SU7 model expected to exceed 10,000 deliveries in July 2024, contributing to the company's "smart home" ecosystem [1]. Financial Forecast and Investment Recommendations - Earnings per share (EPS) are projected to be 0.62, 0.77, and 0.93 RMB for 2024, 2025, and 2026 respectively, reflecting adjustments in revenue and expense forecasts [1][6]. - The company's revenue is expected to recover, with a forecast of 336.97 billion RMB in 2024, representing a 24% year-on-year growth [2][11]. - The gross margin is anticipated to improve to 19.8% in 2024, with net profit margins also expected to rise [2][11].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.38, indicating a potential upside of 31.98% from the current price [2][74]. Core Insights - The company is positioned as a builder of a "human-vehicle-home ecosystem," with a focus on expanding its core business areas, including smartphones, IoT, and internet services, while also venturing into the automotive sector [1][5]. - The smartphone business remains stable, with a market share of 13.8% as of Q1 2024, and is expected to benefit from the 5G device upgrade cycle and AI-driven innovations [1][12]. - The IoT and lifestyle products segment is the world's leading consumer-grade AIoT platform, with significant growth potential as the company expands its overseas market presence [1][25]. - The internet services business is projected to enhance its monetization capabilities as the company penetrates the high-end market and expands its overseas user base [1][32]. - The automotive segment, marked by the launch of the Xiaomi SU7, is anticipated to drive a second growth curve for the company, with a delivery target of approximately 120,000 units for 2024 [1][37]. Summary by Sections Financial Performance - The company reported total revenue of RMB 270.97 billion in 2023, with a forecasted increase to RMB 332.86 billion in 2024, representing a year-on-year growth of 22.84% [3][74]. - Net profit for 2023 was RMB 17.47 billion, with projections of RMB 14.31 billion for 2024, reflecting a decrease due to ongoing investments in new business areas [3][74]. - The gross margin improved from 16.99% in 2019 to 21.21% in 2023, driven by a better revenue mix and strategic focus on profitability [64][66]. Business Segments Smartphone Business - The smartphone segment accounted for 61.6% of total revenue in Q1 2024, with a market share of 14% globally [12][15]. - The average selling price (ASP) of smartphones reached RMB 1,144.7, showing resilience despite market fluctuations [13][18]. IoT and Lifestyle Products - The IoT platform connects 786 million devices, with a user base of 15.2 million having five or more connected devices [25][28]. - The IoT segment is expected to generate revenue of RMB 902.3 billion to RMB 1,007.2 billion from 2024 to 2026 [72]. Internet Services - Internet services revenue is projected to grow from RMB 332.2 billion in 2024 to RMB 390.8 billion in 2026, driven by advertising and gaming services [72][33]. Automotive Business - The automotive segment aims to deliver 120,000 units in 2024, with revenue expectations of RMB 299 billion, increasing to RMB 800 billion by 2026 [72][37]. Strategic Initiatives - The company is implementing a high-end strategy to enhance brand image and expand into higher price segments, with over 20% of smartphone sales in the high-end category [18][20]. - The automotive business is positioned as a key growth driver, with significant investments in R&D and production capabilities [37][43]. - The integration of AI across all product lines is a strategic focus, enhancing user experience and operational efficiency [16][44].

深度报告 买入 品牌上行赋能全系产品,人车家进入正反馈通道 小米集团-W(1810.HK) 2024-7-22 星期一 | --- | --- | |----------|-------| | 目标价: | 21.1 | | 现 价: | 16.52 | | 预计升幅 | 27.7% | 重要数据 | --- | --- | |-----------------------------|------------| | 日期 | 2024.7.190 | | 收盘价(港元) | 16.526 | | 总股本(亿股) | 250.31 | | 总市值(亿港元) | 43109 | | 净资产(亿港元) | 1845.91 | | 总资产(亿港元) | 3606.8 | | 52 周高低(港元) | 20.35/11.9 | | 每股净资产(港元) | 7.066 | | 数据来源:Wind、国元证券经纪 | (香港)整理 | 主要股东 Smart Mobile HoLdings Limited 23.54% Apex Star LLC 8.6% 全球上一轮手机出货高峰在 2016 年,距今已有 8 年,换机需求不 ...

Investment Rating - The report assigns an "Accumulate" rating to Xiaomi Group-W (1810) with a target price of HKD 20.0 [1][4]. Core Views - The report anticipates stable growth in Xiaomi's smartphone business, continued growth in IoT and internet services, and the initiation of revenue generation from the automotive business. The adjusted net profit for FY24Q2 is expected to be RMB 4.35 billion [3][4]. Summary by Sections Revenue and Profit Forecast - The revenue for FY2024 and FY2025 is adjusted to RMB 337 billion and RMB 384.5 billion respectively, representing year-on-year growth of 24.4% and 14.1%. The adjusted net profit is projected to be RMB 19.6 billion and RMB 20.2 billion, with year-on-year growth of 1.8% and 3.1% [4][8]. Q2 FY24 Performance Expectations - For FY24Q2, the expected revenue is RMB 86.5 billion, reflecting a year-on-year increase of 28.4%. The smartphone revenue is projected at RMB 45.7 billion (up 25% YoY), IoT revenue at RMB 24.9 billion (up 12% YoY), and internet services revenue at RMB 8 billion (up 7.5% YoY) [4][8]. Automotive Business Insights - Xiaomi's automotive business is expected to deliver over 25,000 units in FY24Q2, generating more than RMB 6 billion in revenue. The projected delivery volumes for 2024 and 2025 are 111,000 units and 195,000 units, with corresponding revenues of RMB 27.8 billion and RMB 58.9 billion. However, a loss of RMB 11 billion is anticipated for the automotive business in 2024 due to initial R&D and operational costs [4][8][9]. Smartphone Business Analysis - The smartphone segment is expected to maintain a market share of 15% in China, with a stable performance across low-end, mid-range, and high-end models. Xiaomi's competitive edge lies in its technological innovation at comparable price points and successful expansion into overseas markets [4][8]. IoT and Internet Services Growth - The IoT business is projected to generate RMB 24.9 billion in FY24Q2, benefiting from peak air conditioning sales. Xiaomi's R&D expenditure reached RMB 19.1 billion in 2023, supporting continuous innovation in IoT products. The internet services segment is expected to earn RMB 8 billion in FY24Q2, driven by a strong user base and enhanced platform efficiency [4][9].

Investment Rating - The report maintains a "BUY" rating for Xiaomi with a target price (TP) of HK$25.39, implying a potential upside of 53.5% from the current price of HK$16.54 [5][14]. Core Insights - The growth outlook for Xiaomi remains intact despite market concerns regarding margin impacts from rising memory prices and competition from the AI iPhone launch. The company is expected to continue gaining global smartphone market share, strengthen its AIoT sales, and ramp up EV shipments [2][3]. - Management has reiterated the annual delivery target of 120,000 units for the SU7 EV, with production capacity increasing to 20,000 units per month [3]. - Xiaomi aims to achieve a shipment target of 165 million smartphones in 2024, up from 146 million in 2023, supported by overseas expansion in various regions [3]. Financial Summary - Revenue for FY23 was RMB 270,970 million, with a projected increase to RMB 337,161 million in FY24, representing a year-on-year growth of 24.4% [4][17]. - Adjusted net profit for FY23 was RMB 19,273 million, expected to rise to RMB 22,974 million in FY24, reflecting a growth of 19.2% [4][17]. - The earnings per share (EPS) is projected to increase from RMB 0.77 in FY23 to RMB 0.92 in FY24 [4][17]. Earnings Forecast - The report outlines a revenue breakdown for FY24E, with smartphones contributing RMB 185,020 million, IoT and lifestyle products at RMB 93,264 million, and internet services at RMB 32,856 million [12][13]. - Gross profit margin is expected to stabilize around 21.1% for FY24E, with smartphone margins slightly declining due to memory cost pressures [12][13]. Valuation - The valuation methodology includes assigning a P/E multiple of 15x for Xiaomi's smartphone, AIoT, and internet businesses, while the EV business is valued at 0.75x FY25E P/S [14][15]. - The total valuation for Xiaomi is estimated at RMB 581,175 million, with a target price of HK$25.39 based on the sum-of-the-parts (SOTP) analysis [14][15].

公司研究 | 季报点评 小米集团-W 01810.HK 买入（维持） 24Q1 经调整净利润同比高增 股价（2024年05月30日） 17.7港元 目标价格 21.44港元 52周最高价/最低价 20.35/9.86港元 总股本/流通H股（万股） 2,502,221/2,048,455 H股市值（百万港币） 442,893 核心观点 国家/地区 中国 行业 电子 ⚫ 24Q1公司营收达755亿元，同比增长27%；经调整净利润达65亿元（包括智能电 报告发布日期 2024年05月31日 动汽车等创新业务费用人民币 23 亿元），同比增长 100.8%，创历史新高；毛利率 超22%，同比提升2.8 pct。 1周 1月 3月 12月 ⚫ 智能手机出货量同比提升，高端化战略成效显著。公司24Q1智能手机实现营收465 绝对表现% -6.55 2.19 33.89 68.57 亿元，同比增长 33%；毛利率约 15%，同比提升 3.6 pct。高端化战略成效显著， 相对表现% -3.17 -0.44 23.48 70.54 24Q1公司全球智能手机出货量同增34%到4060万台，高端机占比达22%；中国大 恒生指数% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - In Q1 2024, the company achieved a record high profit with a revenue of 75.5 billion, representing a year-on-year growth of 27%, and an adjusted net profit of 6.49 billion, which is a 100.75% increase year-on-year [1] - The gross margin for the quarter was 22.29%, up 2.8 percentage points year-on-year and 0.97 percentage points quarter-on-quarter [1] - The smartphone business saw a significant revenue increase of 33% year-on-year, with global shipments reaching 40.6 million units, a 33.7% increase [1] - The AIoT business revenue grew by 21% year-on-year, with the total number of connected devices reaching 786 million, a 27% increase [1] - The internet business revenue was 8.048 billion, up 14.5% year-on-year, with overseas revenue growing by 39% [1] - The automotive business is set to expand production in June, aiming for a total delivery of 100,000 vehicles in 2024 [1] Financial Performance Summary - For 2024, 2025, and 2026, the company is expected to generate revenues of 332.3 billion, 380.5 billion, and 422.8 billion respectively, with year-on-year growth rates of 22.6%, 14.5%, and 11.1% [1] - The adjusted net profit forecast for the same years is 17.26 billion, 19.59 billion, and 20.88 billion, with year-on-year changes of -10.4%, +13.5%, and +6.6% [1] - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.69, 0.55, and 0.61 respectively [4]