Investment Rating - The investment rating for the company is "Outperform the Market" [6][29]. Core Views - The company achieved record high revenue and profit in Q1 2025, with total revenue reaching 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a significant growth trajectory [1][4]. - The smartphone business saw a rise in both volume and price, with revenue of 50.6 billion yuan (YoY +8.9%) and an average selling price (ASP) increase of 5.8% to 1,211 yuan [2]. - The IoT and lifestyle products segment experienced robust growth, with revenue of 32.3 billion yuan (YoY +59%) and a gross margin increase of 5.4 percentage points to 25.2% [2]. - The electric vehicle and AI innovation business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the losses in this segment narrowed to 500 million yuan [3]. - The company is expanding its ecosystem strategy, focusing on the synergy between vehicles, homes, and personal devices, and is optimistic about growth in overseas markets [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 111.3 billion yuan, with a gross margin of 22.8% (YoY +0.5 percentage points) [1]. - The adjusted net profit for Q1 2025 was 10.7 billion yuan, continuing a strong growth trend [1]. Business Segments - The smartphone segment contributed 46% of total revenue, with a total of 50.6 billion yuan in revenue and a gross margin of 12.4% [2]. - The IoT and lifestyle products segment accounted for 29% of total revenue, achieving 32.3 billion yuan in revenue [2]. - The internet services segment generated 9.1 billion yuan in revenue, with a gross margin of 76.9% [2]. - The electric vehicle segment generated 18.6 billion yuan in revenue, with the Xiaomi SU7 series delivering 76,000 vehicles [3]. Future Outlook - The company has raised its profit forecasts for 2025-2027, expecting net profits of 36.2 billion yuan, 46.4 billion yuan, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [4]. - The company is focusing on enhancing its core technologies, with R&D expenses increasing by 30% to 6.7 billion yuan in Q1 2025 [3].

Core Insights - Xiaomi aims to achieve global smartphone sales of 200 million units annually by entering the "200 million club" [1] - The brand has gained significant momentum, ranking in the top 2 in the domestic market and showing strong performance in both developing and developed markets [1] - Xiaomi's strategy focuses on deepening localization efforts and steadily competing with Samsung [1] Market Performance - In Nigeria, Xiaomi has surpassed Samsung, indicating successful replication of its business model in Africa [1] - The opening of the first Xiaomi store in Japan attracted large crowds, showcasing the brand's growing presence in developed markets [1] Strategic Goals - Xiaomi's future objectives include enhancing its brand strength and expanding its market share globally [1] - The company is committed to a steady and strategic approach to growth, particularly in competitive markets [1]

金十数据6月3日讯，小米集团创始人、董事长兼CEO雷军在小米投资者大会上表示，反内卷不打价格 战，很快做汽车芯片。雷军提到，YU7价格标准版不会只是比SU7标准版高2万；今年Q3-Q4汽车、芯片 等新业务有望打平盈利。 （贝壳财经） 雷军称反内卷不打价格战 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q1 2025 exceeded expectations, with revenue of 111.3 billion yuan (yoy +47.4%) and Non-GAAP net profit of 10.7 billion yuan (yoy +64.5%) [5][6] - The IoT business continues to show strong growth, driven by major appliances, with revenue of 32.3 billion yuan (yoy +58.7%) [6] - The automotive business is expected to gain momentum with the upcoming launch of the YU7 model, which is anticipated to enhance sales and profitability [6][7] - The smartphone segment shows improvement in gross margin and average selling price (ASP), with ASP reaching 1,211 yuan (yoy +5.8%) [7] Summary by Sections Financial Performance - Q1 2025 revenue was 111.3 billion yuan, exceeding Bloomberg's expectations by 2.1% [5] - Non-GAAP net profit for Q1 2025 was 10.7 billion yuan, surpassing expectations by 17.7% [5] - Revenue breakdown: - Mobile business: 50.6 billion yuan (yoy +8.9%) [5] - IoT business: 32.3 billion yuan (yoy +58.7%) [5] - Internet services: 9.1 billion yuan (yoy +12.8%) [5] - Smart automotive and other innovative businesses: 18.6 billion yuan [5] IoT Business - The IoT segment's revenue growth is primarily driven by major appliances, with a significant increase in sales of air conditioners, refrigerators, and washing machines [6] - The gross margin for IoT reached 25.2%, an increase of 5.3 percentage points year-on-year [6] - A new smart appliance factory is expected to start production in November 2025, aiming for an annual output of 3 million air conditioners by 2026 [6] Automotive Business - Automotive revenue for Q1 2025 was 18.6 billion yuan, with a gross margin of 23.2% [6] - The YU7 model is set to launch in July 2025, featuring advanced technology and expected to drive sales growth [6][7] Smartphone Business - The smartphone segment's gross margin improved to 12.4% in Q1 2025 [7] - The ASP for smartphones reached a record high of 1,211 yuan, with a market share increase in the high-end segment [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are 482.7 billion yuan, 612.7 billion yuan, and 713.5 billion yuan respectively, with year-on-year growth rates of 31.9%, 26.9%, and 16.5% [8] - Adjusted net profit forecasts for the same years are 41.2 billion yuan, 56.9 billion yuan, and 69.9 billion yuan, reflecting growth rates of 51.3%, 38.1%, and 22.9% [8]

智通财经6月3日电，小米集团短线走高，现涨超3%。雷军在投资者大会上透露，预计小米汽车业务将 于今年下半年盈利。 ...

港股小米集团(01810.HK)短线走高，现涨超3%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q1 2025 exceeded expectations, with revenue of 111.3 billion yuan (yoy +47.4%) and Non-GAAP net profit of 10.7 billion yuan (yoy +64.5%) [5][6] - The IoT business continues to show strong growth, driven by major appliances, with revenue of 32.3 billion yuan (yoy +58.7%) [6] - The automotive business is expected to see an increase in sales and profitability with the upcoming launch of the YU7 model [6][7] - The smartphone segment shows improvement in gross margin and average selling price (ASP), with ASP reaching 1,211 yuan (yoy +5.8%) [7] Summary by Sections Q1 2025 Performance - Overall performance: Revenue of 111.3 billion yuan (yoy +47.4%), exceeding BBG expectations by 2.1%; Non-GAAP net profit of 10.7 billion yuan (yoy +64.5%), exceeding BBG expectations by 17.7% [5] - Business breakdown: - Mobile business: Revenue of 50.6 billion yuan (yoy +8.9%), gross margin of 12.4% [5] - IoT business: Revenue of 32.3 billion yuan (yoy +58.7%), gross margin of 25.2% [5] - Internet business: Revenue of 9.1 billion yuan (yoy +12.8%), gross margin of 76.9% [5] - Smart automotive and innovative business: Revenue of 18.6 billion yuan, gross margin of 23.2% [5] IoT Business Growth - Driven by major appliances, IoT revenue reached 32.3 billion yuan (yoy +58.7%), with significant growth in air conditioning, refrigerators, and washing machines [6] - The gross margin for IoT improved to 25.2%, up 5.3 percentage points year-on-year [6] - A new smart appliance factory is expected to start production in November 2025, aiming for an annual output of 3 million air conditioners by 2026 [6] Automotive Business Outlook - Automotive revenue for Q1 2025 was 18.6 billion yuan, with a gross margin of 23.2% [6] - The YU7 model is set to launch in July 2025, featuring advanced technology and expected to drive sales growth [6][7] Smartphone Segment Performance - The smartphone gross margin improved to 12.4%, with ASP reaching a historical high of 1,211 yuan [7] - Market share in the high-end smartphone segment has increased, particularly in the 4,000-5,000 yuan price range [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 482.7 billion yuan, 612.7 billion yuan, and 713.5 billion yuan respectively, with year-on-year growth rates of 31.9%, 26.9%, and 16.5% [8] - Adjusted net profit projections for the same years are 41.2 billion yuan, 56.9 billion yuan, and 69.9 billion yuan, with growth rates of 51.3%, 38.1%, and 22.9% [8]

Market Performance - US stock market opened lower but rebounded, with the Dow Jones up 0.08%, marking the third consecutive day of gains, while the Nasdaq rose 0.67% and the S&P 500 increased by 0.41% [1] - Major tech stocks mostly saw gains, with Micron Technology up nearly 4%, AMD and Meta up over 3%, and Nvidia up over 1% [1] Economic Indicators - US import indicators have dropped to their lowest level in 16 years, reflecting reduced procurement by businesses facing rising tariffs [2] - The ISM manufacturing purchasing managers' index fell by 0.2 points to 48.5, indicating contraction in the manufacturing sector [2] - The ISM import index saw a significant decline of 7.2 points to 39.9, marking one of the largest monthly drops historically [2] Trade Policy Developments - The Trump administration is seeking to appeal a court ruling that deemed its tariff policies "illegal," following a preliminary injunction from a federal court in Washington D.C. [3] - The U.S. International Trade Court has also ruled against the enforcement of tariffs imposed under the International Emergency Economic Powers Act [3] Oil Market Dynamics - Oil prices increased as OPEC+ production rises were lower than expected, with WTI crude oil up 2.85% to nearly $63 per barrel [4] - Geopolitical tensions in Ukraine and Iran, along with wildfires in Canada affecting production, have contributed to the rise in oil prices [4]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6] Core Views - Xiaomi Group achieved record high revenue and profit in Q1 2025, with total revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.7 billion yuan, up 64.5% year-on-year [1][3] - The smartphone segment regained the top market share in China, with a global shipment of 41.8 million units, a 3% increase year-on-year, and a global market share of 14.1% [1][3] - The IoT business is focusing on high-end and international expansion, with revenue reaching 32.3 billion yuan and a gross margin of 25.2% in Q1 2025 [2][3] - The automotive segment reported revenue of 18.6 billion yuan, with the new SUV model YU7 expected to become a bestseller upon pricing announcement [2][3] Financial Summary - Revenue projections for Xiaomi Group are 486.7 billion yuan in 2025, 634.5 billion yuan in 2026, and 764.8 billion yuan in 2027, with year-on-year growth rates of 33%, 30%, and 21% respectively [3][5] - Adjusted net profit for the main consumer electronics business is expected to be 41.9 billion yuan in 2025, 52.0 billion yuan in 2026, and 61.1 billion yuan in 2027, with growth rates of 25%, 24%, and 18% respectively [3][5] - The report anticipates a significant increase in automotive adjusted net profit, projecting a turnaround to 10.1 billion yuan in 2026 and 20.6 billion yuan in 2027 [3][5] Key Financial Metrics - The report provides a detailed financial forecast, including revenue, adjusted net profit, and earnings per share (EPS) for the years 2023 to 2027, indicating a strong growth trajectory [5][13] - The expected adjusted EPS is projected to be 1.6 yuan in 2025, 2.4 yuan in 2026, and 3.1 yuan in 2027 [3][5] - The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2025 to 15 in 2027, indicating a potentially attractive valuation [3][5]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6] Core Views - Xiaomi Group achieved record high revenue and profit in Q1 2025, with total revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.7 billion yuan, up 64.5% year-on-year [1][3] - The smartphone segment regained the top market share in China, with revenue of 50.6 billion yuan and a gross margin of 12.4% in Q1 2025, while global smartphone shipments reached 41.8 million units, a 3% increase [1][3] - The IoT business continues to focus on high-end and international markets, generating 32.3 billion yuan in revenue with a gross margin of 25.2% in Q1 2025 [2][3] - The automotive segment reported revenue of 18.6 billion yuan, with the new SUV model YU7 expected to become a bestseller upon pricing announcement [2][3] Financial Summary - Revenue projections for Xiaomi Group are 486.7 billion yuan, 634.5 billion yuan, and 764.8 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 33%, 30%, and 21% [3][5] - Adjusted net profit for the core consumer electronics business is expected to be 41.9 billion yuan, 52.0 billion yuan, and 61.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25%, 24%, and 18% [3][5] - The report anticipates a target price of 60 HKD for Xiaomi Group based on a P/E ratio of 20x for 2026 estimates [3][6]