小米集团：第一季度营收1,112.9亿元人民币，预估1,090亿元人民币；调整后净利润106.8亿元人民币， 预估90.7亿元人民币。 ...

Financial Performance - Xiaomi Corporation reported a total revenue of RMB 111.3 billion for Q1 2025, a year-on-year increase of 47.4%[5] - The adjusted net profit for Q1 2025 reached RMB 10.7 billion, marking a 64.5% increase compared to the same period last year[5] - Revenue for Q1 2025 reached RMB 111,293.3 million, a 47.4% increase from RMB 75,506.8 million in Q1 2024[31] - Gross profit for Q1 2025 was RMB 25,405.9 million, up 51.0% from RMB 16,829.7 million in Q1 2024[31] - Operating profit for Q1 2025 was RMB 13,125.4 million, compared to RMB 3,683.0 million in Q1 2024, marking a 256.5% increase[31] - The net profit for the first quarter of 2025 was RMB 109 billion, reflecting a 161.0% increase from RMB 42 billion in the first quarter of 2024[68] - The adjusted net profit increased by 64.5% to RMB 107 billion in the first quarter of 2025, compared to RMB 65 billion in the same period of 2024[69] - Basic earnings per share for Q1 2025 were RMB 0.44, compared to RMB 0.17 in Q1 2024[134] - The total comprehensive income for Q1 2025 was RMB 10.91 billion, up from RMB 4.26 billion in Q1 2024, reflecting a strong performance[136] Revenue Segmentation - The smartphone and AIoT segment generated revenue of RMB 92.7 billion, reflecting a year-on-year growth of 22.8%[13] - In Q1 2025, the company's smartphone business revenue reached RMB 50.6 billion, a year-on-year increase of 8.9%, with a gross margin of 12.4%[15] - The IoT and lifestyle products segment generated revenue of RMB 32.3 billion in Q1 2025, a 58.7% year-on-year increase, with a gross margin of 25.2%[17] - The smart electric vehicle and AI segment reported total revenue of RMB 18.6 billion in Q1 2025, with smart electric vehicle revenue at RMB 18.1 billion[24] - Internet services revenue reached RMB 9.1 billion in Q1 2025, a year-on-year increase of 12.8%, with a gross margin of 76.9%[21] Market Performance - Xiaomi's global smartphone shipments reached 41.8 million units in Q1 2025, a 3.0% increase year-on-year, maintaining a market share of 14.1%[8] - In mainland China, the smartphone market share increased by 4.7 percentage points year-on-year to 18.8%, reclaiming the top position in shipments after ten years[15] - The number of active users on Xiaomi's platform reached 718.8 million, a 9.2% increase year-on-year[8] - The AIoT platform connected devices reached 943.7 million units as of March 31, 2025, a 20.1% year-on-year growth[19] Research and Development - Research and development expenditure for Q1 2025 was RMB 6.7 billion, up 30.1% year-on-year, with R&D personnel reaching 21,731, accounting for 47.7% of total employees[9] - The company launched its first self-developed flagship processor, the Xuanjie O1, in May 2025, showcasing its commitment to core technology development[9] Cash Flow and Capital Management - Cash and cash equivalents as of March 31, 2025, amounted to RMB 86.17 billion, significantly up from RMB 33.66 billion at the beginning of the period[119] - Operating cash flow for the three months ended March 31, 2025, was RMB 4,509.5 million, compared to RMB 23,906.8 million for the same period in 2024[119] - The company reported a net cash inflow from financing activities of RMB 38,077.4 million for the three months ended March 31, 2025[119] - The company’s investment activities resulted in a net cash outflow of RMB 9,920.8 million for the same period[119] Cost Management - The total sales cost for Q1 2025 was RMB 85,887.4 million, a 46.4% increase from RMB 58,677.1 million in Q1 2024[43] - The cost of sales for the mobile × AIoT segment increased by 22.1% to RMB 71,612.7 million in the first quarter of 2025, compared to RMB 58,654.3 million in the first quarter of 2024[45] - Sales cost decreased by 0.8% from RMB 86,550.3 million in Q4 2024 to RMB 85,887.4 million in Q1 2025, reflecting improved cost management[81] Future Outlook and Strategy - Xiaomi plans to expand its retail presence in mainland China, aiming for approximately 20,000 offline stores by the end of 2025[12] - The company is focusing on expanding its smart electric vehicle and AI-related innovative businesses as part of its growth strategy[143] Compliance and Governance - The audit committee reviewed the unaudited interim results for the three months ended March 31, 2025, ensuring compliance with accounting policies and internal controls[164] - The company has ongoing investigations by Indian authorities regarding compliance with tax and foreign exchange regulations, with potential financial implications yet to be determined[160]

Group 1 - Xiaomi officially launched three products for its 15th anniversary, including Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed SoC chip, Xuanjie O1 [1] - The Xuanjie O1 chip, built on a second-generation 3nm process, is positioned among the top tier in terms of energy efficiency, with Xiaomi planning to invest 200 billion yuan in R&D over the next five years [1] - Xiaomi's products are increasingly targeting the high-end market, with the Xuanjie O1 chip's performance and efficiency comparable to Apple's A18 Pro, indicating a strategic shift towards premium consumer electronics [2] Group 2 - The new SUV model, YU7, was introduced with a maximum range of 835 km and a 96.3 kWh lithium iron phosphate battery, set to officially launch in July [2] - Xiaomi has set a delivery target of 350,000 vehicles for its automotive business this year, indicating a strong commitment to expanding its presence in the automotive sector [2] - The company forecasts adjusted net profits of approximately 33.75 billion yuan, 42.60 billion yuan, and 55.06 billion yuan for the years 2025-2027, reflecting optimism about product premiumization and automotive business growth [2]

Core Insights - Xiaomi held its 15th anniversary strategic product launch event on May 22, showcasing new products including the Xiaomi 15S Pro and the first SUV, the Xiaomi YU7, along with the new Xiaomi Xuanjie O1 and T1 chips [1] Group 1: Product Launch and Achievements - Xiaomi has achieved three significant milestones: maintaining a top-three global smartphone market share for 19 consecutive quarters, successfully transitioning its automotive, chip, and smart factory initiatives from concept to reality, and completing its full ecosystem strategy [1] - The company has invested over 100 billion yuan in R&D over the past five years, with an additional 200 billion yuan planned for the next five years [1] - The Xuanjie O1 chip has successfully entered the flagship chip tier, while the Xuanjie T1 chip integrates a self-developed 4G baseband [1][2] Group 2: Chip Specifications - The Xuanjie O1 chip utilizes second-generation 3nm technology, featuring 19 billion transistors and a compact area of 109mm², with a ten-core CPU and 16-core GPU [2] - The CPU configuration includes two ultra-large cores, four performance cores, two efficiency cores, and two super-efficiency cores, with a peak frequency of 3.9GHz and multi-core scores exceeding A18 Pro [2] - The Xuanjie T1 chip supports 4G eSIM independent communication and has been tested with over 7000 use cases across 100+ cities [2] Group 3: SUV Launch and Market Position - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, with the YU7 series set to launch in July, featuring three versions: standard, Pro, and Max [2][3] - The YU7 standard version boasts an impressive range of 835km, making it the leader in range among mid-to-large pure electric SUVs [3] - The YU7 series includes advanced features such as panoramic display, 700 Tops of assisted driving computing power, laser radar, and continuously variable damping [3] Group 4: Financial Projections - The company is expected to achieve revenues of 506.27 billion yuan, 605.21 billion yuan, and 700.89 billion yuan for the years 2025 to 2027, with corresponding net profits of 35.71 billion yuan, 45.78 billion yuan, and 59.89 billion yuan [3] - The projected price-to-earnings ratios for these years are 36, 28, and 21 times, respectively [3]

Group 1 - The company held a strategic product launch event celebrating its 15th anniversary, introducing multiple new products including the YU7 SUV, 15S Pro smartphone, and 7 Ultra tablet [1] - The YU7 SUV is positioned as a mid-to-large luxury high-performance electric vehicle, expected to launch in May 2025, featuring impressive specifications such as a maximum power of 690PS and a range of 835km [1] - The company has achieved significant sales milestones with its SU7 model, delivering over 258,000 units by May 2025, indicating strong demand in the over 200,000 price segment [1] Group 2 - The company has developed its own mobile SoC, the玄戒O1, which will debut in the 15S Pro smartphone and 7 Ultra tablet, making it the fourth global company to design a 3nm process mobile SoC [2] - The玄戒O1 chip integrates 19 billion transistors and has a main frequency of 3.9GHz, while the玄戒T1 chip includes a self-developed 4G baseband [2] - The company has invested over 13.5 billion yuan in chip research and development, with plans to invest over 60 billion yuan by 2025 and 200 billion yuan from 2026 to 2030 [2] Group 3 - The company experienced a 15.7% year-on-year increase in total smartphone shipments in 2024, reaching 168.5 million units, with improved market share in various regions [3] - The high-end smartphone segment has seen growth, with the domestic high-end smart device shipment proportion increasing by 3.0 percentage points to 23.3% in 2024 [3] - The company plans to expand its retail presence internationally, aiming to open approximately 10,000 new Xiaomi stores overseas in the next five years [3]

Core Insights - Xiaomi has launched its first electric SUV, the YU7, which aims to compete directly with Tesla's Model Y in the Chinese market [1][2] - The YU7 boasts a driving range of at least 760 kilometers (472 miles) on a single charge, surpassing Tesla's Model Y range of 719 kilometers [2] - Analysts predict that the YU7 will significantly impact Tesla's market share in China [2] Pricing and Sales Forecast - The expected price range for the YU7 is between 250,000 yuan and 320,000 yuan ($34,700 to $44,420) [3] - Monthly sales are forecasted to be around 30,000 units, with annual sales projected to reach between 300,000 and 360,000 units once sales gain momentum [3] - The YU7's pricing positions it competitively against Tesla's Model Y, which starts at 263,500 yuan in China [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has launched several products to celebrate its 15th anniversary, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed SoC chip, Xuanjie O1 [1][2]. - The Xuanjie O1 chip, built on a second-generation 3nm process, is positioned to compete with Apple's A18 Pro in terms of performance and energy efficiency [2]. - The company plans to invest an additional 200 billion yuan in R&D over the next five years [1]. - The SUV YU7 was also unveiled, with a maximum range of 835 km and equipped with a 96.3 kWh lithium iron phosphate battery, expected to launch in July [2]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are approximately 33.75 billion yuan, 42.60 billion yuan, and 55.06 billion yuan, respectively [3]. - Revenue projections for 2024, 2025, 2026, and 2027 are 365.91 billion yuan, 483.38 billion yuan, 595.47 billion yuan, and 726.59 billion yuan, with year-on-year growth rates of 35.04%, 32.11%, 23.19%, and 22.02% [5][11]. - The adjusted EPS for the same years is expected to be 1.09 yuan, 1.30 yuan, 1.64 yuan, and 2.12 yuan [5][11]. Market Position and Strategy - The company is focusing on high-end product development, aiming to enhance the value of its consumer electronics [2]. - The automotive business is expected to contribute significantly to the company's growth, with a delivery target of 350,000 vehicles for the year [2].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company continues to focus on the "people, vehicles, and home" ecosystem, launching new products such as the YU7 SUV and the Xuanjie chips, which are expected to drive growth [7] - The YU7 SUV is positioned as a high-performance luxury vehicle with impressive specifications, including a maximum horsepower of 690 PS and a range of 835 km, which is the highest for mid-to-large electric SUVs [7] - The self-developed Xuanjie O1 chip marks Xiaomi as the fourth company globally to design a 3nm process mobile SoC, enhancing its product capabilities [7] - The company has seen a 15.7% year-on-year increase in total smartphone shipments, with a growing market share in both global and domestic markets [7] - The report forecasts significant revenue growth, with total revenue expected to reach 691.16 billion yuan by 2027, and net profit projected to reach 59.31 billion yuan in the same year [1][8] Financial Projections - Total revenue projections for Xiaomi Group-W are as follows: - 2023: 270.97 billion yuan - 2024: 365.91 billion yuan - 2025: 483.50 billion yuan - 2026: 608.29 billion yuan - 2027: 691.16 billion yuan - Net profit projections are as follows: - 2023: 17.48 billion yuan - 2024: 23.66 billion yuan - 2025: 34.31 billion yuan - 2026: 46.73 billion yuan - 2027: 59.31 billion yuan [1][8] - The report indicates a steady increase in earnings per share (EPS), projected to reach 2.29 yuan by 2027 [1][8] Market Position - Xiaomi's market share in the high-end smartphone segment has increased, with a 3% year-on-year rise to 23.3% in 2024 [7] - The company plans to expand its retail presence internationally, aiming to open approximately 10,000 new Xiaomi stores overseas in the next five years [7]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company continues to focus on the "people, vehicles, and home" ecosystem, launching new products such as the YU7 SUV and the Xuanjie chips, which are expected to drive growth [7] - The YU7 SUV is positioned as a high-performance luxury vehicle with impressive specifications, including a maximum horsepower of 690 PS and a range of 835 km, which is the highest for mid-to-large electric SUVs [7] - The self-developed Xuanjie O1 chip marks Xiaomi as the fourth company globally to design a 3nm process mobile SoC, enhancing its product capabilities [7] - The company is expanding its high-end product offerings, with a 15.7% year-on-year increase in total smartphone shipments in 2024, and a 3% increase in the domestic high-end smartphone market share [7] Financial Projections - Total revenue is projected to grow from CNY 270.97 billion in 2023 to CNY 691.16 billion by 2027, with a compound annual growth rate (CAGR) of 13.62% [1] - Net profit attributable to shareholders is expected to increase significantly from CNY 17.48 billion in 2023 to CNY 59.31 billion in 2027, reflecting a CAGR of 26.93% [1] - The earnings per share (EPS) is forecasted to rise from CNY 0.67 in 2023 to CNY 2.29 in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 73.19 in 2023 to 21.56 in 2027, indicating improving valuation [1] Market Position - Xiaomi's market capitalization is approximately CNY 1,043.39 million, with a closing price of HKD 53.00 [5] - The company has a price-to-book (P/B) ratio of 6.47 and a debt-to-asset ratio of 53.07% [6] - The company aims to expand its retail presence internationally, planning to open around 10,000 new Xiaomi stores overseas in the next five years [7]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 53.00, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the new self-developed chips, the Xiaomi玄戒 O1 and T1, positions the company among the leading flagship chip manufacturers, enhancing its competitive edge in the market [2]. - The company is expected to see substantial revenue growth, with projected revenues of RMB 506.27 billion, RMB 605.21 billion, and RMB 700.89 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 35.71 billion, RMB 45.78 billion, and RMB 59.89 billion for the same years [5][3]. Summary by Sections Product Launch and Achievements - Xiaomi unveiled its new玄戒 O1 and T1 chips and the YU7 SUV series during its 15th-anniversary event, showcasing a range of innovative products [1]. - The玄戒 O1 chip features advanced specifications, including a 3nm process, 19 billion transistors, and a multi-core CPU architecture, achieving over 3 million points on AnTuTu benchmark [2]. Automotive Business - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, and the YU7 series is set to launch in July, featuring impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - The report forecasts significant revenue and profit growth for Xiaomi, with a projected revenue increase of 35% in 2024 and a steady growth trajectory in subsequent years [5][3]. - The expected earnings per share (EPS) are projected to rise from RMB 0.91 in 2024 to RMB 2.31 by 2027, reflecting strong profitability growth [5].