Investment Rating - The report maintains a "Recommend" rating for Xiaomi Group, with a target valuation of RMB 5951.36 billion for 2024 [53] Core Viewpoints - Xiaomi Group has upgraded its strategy to "Human x Car x Home Ecosystem," entering the smart electric vehicle (EV) sector, with significant growth in revenue and adjusted net profit in 2Q24 [1] - The company's smartphone business continues to grow, with a 28.1% YoY increase in global shipments in 2Q24, driven by AI integration and premiumization [1][15] - IoT and lifestyle products revenue reached RMB 268 billion in 2Q24, with a record-high gross margin of 19.7%, supported by a robust ecosystem [1][13] - Xiaomi's smart EV business, particularly the Xiaomi SU7, has shown strong initial performance, with 27,307 units delivered in 2Q24 and a target of 120,000 units for 2024 [1][13] - The company's R&D investment in 2Q24 increased by 20.7% YoY to RMB 5.5 billion, focusing on smart EV and AI technologies [1] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 3422.35 billion, RMB 3745.29 billion, and RMB 4393.95 billion, respectively, with a CAGR of 17.64% for adjusted net profit [1][52] - Smartphone revenue is expected to grow at 15.0%, 10.0%, and 12.0% annually from 2024 to 2026, with gross margins improving to 14.5% by 2026 [48][52] - IoT and lifestyle products revenue is forecasted to grow at 20.0%, 5.0%, and 2.5% annually, with gross margins reaching 20.2% by 2026 [48][52] - Internet services revenue is projected to grow at 12.5%, 5.0%, and 7.0% annually, with gross margins improving to 77.0% by 2026 [49][52] - Smart EV revenue is expected to grow significantly, with a 100% increase in 2026, driven by the Xiaomi SU7's strong market performance [49][52] Business Segments Smartphones - Xiaomi's global smartphone market share reached 14.6% in 2Q24, with shipments of 42.2 million units, a 28.1% YoY increase [1][15] - The company's premium smartphone strategy is paying off, with a 22.1% share of high-end smartphone shipments in China in 2Q24 [1][17] - AI integration in smartphones is expected to drive both volume and price growth, with AI phone penetration projected to reach 15% globally by 2024 [22] IoT and Lifestyle Products - Xiaomi's IoT platform connected 822 million devices as of 2Q24, with a 25.6% YoY increase in connected devices [27] - Key categories such as smart home appliances and wearables continue to grow, with smart air conditioner shipments increasing by 49% YoY in 2023 [31][32] - The company's IoT revenue reached RMB 268 billion in 2Q24, with a record-high gross margin of 19.7% [1][13] Internet Services - Internet services revenue grew by 11.0% YoY in 2Q24 to RMB 83 billion, with a gross margin of 78.3% [1][13] - The global monthly active users (MAUs) of MIUI reached 675.8 million in 2Q24, a 11.5% YoY increase [37] - Advertising and gaming revenues continue to grow, with advertising revenue reaching RMB 60 billion in 2Q24, a 16.9% YoY increase [38] Smart Electric Vehicles - Xiaomi's smart EV business achieved revenue of RMB 6.4 billion in 2Q24, with a gross margin of 15.4% [13] - The Xiaomi SU7 series delivered 27,307 units in 2Q24, with a target of 120,000 units for 2024 [13] - The company plans to expand its sales and service network to 39 cities by the end of 2024 [42] Industry Trends - The global smartphone market is recovering, with a 6.5% YoY increase in shipments in 2Q24, driven by AI integration and premiumization [15][22] - The AI phone market is expected to grow rapidly, with global shipments of AI-enabled smartphones projected to reach 170 million units in 2024 [22] - The smart EV market is highly competitive, with Xiaomi focusing on core technologies such as super motors, CTB battery technology, and intelligent driving systems [43][46]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 22.58, indicating an upside potential of 18.47% from the current price of HKD 19.06 [1][3]. Core Insights - The company reported revenue of RMB 888.9 billion for Q2 2024, a year-on-year increase of 32.0%, exceeding market expectations of RMB 867.5 billion. The overall gross margin was 20.7%, slightly down by 0.3 percentage points year-on-year but above the expected 19.6% [1]. - The net profit reached RMB 50.7 billion, up 38.3% year-on-year, while adjusted net profit was RMB 61.8 billion, reflecting a 20.1% increase [1]. - Cash reserves stood at RMB 141 billion, a 24.5% increase year-on-year, with a total of 248 million shares repurchased for HKD 3.68 billion as of July 19, 2024 [1]. Revenue and Profitability - The mobile and AIoT segment generated revenue of RMB 825.2 billion, a 22.5% increase year-on-year, with a gross margin of 21.1%, up 0.1 percentage points [1]. - Smartphone revenue was RMB 465.2 billion, growing 27.1% year-on-year, driven by a 28.1% increase in smartphone shipments to 42.2 million units [1]. - IoT business revenue reached a record high of RMB 267.6 billion, up 20.3% year-on-year, with a gross margin of 19.7%, an increase of 2.1 percentage points [1]. Automotive Business - The automotive segment reported revenue of RMB 63.7 billion, with vehicle sales contributing RMB 62.4 billion. The average selling price (ASP) was RMB 229,000, with Q2 deliveries reaching 27,307 units [1]. - The gross margin for the automotive business was 15.4%, significantly exceeding market expectations, attributed to strong supply chain negotiation capabilities and high sales volumes [1]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 3390.9 billion, RMB 3967.0 billion, and RMB 4317.9 billion, respectively. Net profit projections for the same years are RMB 170.3 billion, RMB 216.0 billion, and RMB 271.1 billion [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a significant profit exceeding expectations, with Q2 2024 revenue reaching 888.9 billion CNY, a year-on-year increase of 32%, surpassing Bloomberg's forecast of 867.5 billion CNY [1] - The gross margin was 20.69%, slightly above the expected 19.57%, while operating profit was 5.89 billion CNY, up 45.7% year-on-year, significantly exceeding the forecast of 4.09 billion CNY [1] - The company disclosed its automotive performance for the first time, with automotive revenue of 62 billion CNY and a gross margin of 15.4% [1][3] Summary by Sections Q2 2024 Performance - Total revenue was 888.9 billion CNY (yoy +32%), exceeding expectations - Gross margin was 20.69%, slightly above expectations - Operating profit was 58.9 billion CNY (yoy +45.7%), significantly above expectations - GAAP net profit was 50.7 billion CNY (yoy +38.3%), exceeding expectations - Adjusted net profit was 61.7 billion CNY (yoy +20.1%), also exceeding expectations - Revenue breakdown: - Mobile business: 465.2 billion CNY (yoy +27.1%) - IoT business: 267.6 billion CNY (yoy +20.3%) - Internet business: 82.7 billion CNY (yoy +11.0%) - Smart automotive and innovative business: 64 billion CNY [1] Mobile Business Insights - Mobile shipment growth outpaced market growth, with a year-on-year increase of 27.2% - High-end market share increased significantly in mainland China, with ASP only decreasing by 0.8% to 1103.5 CNY - Mobile business gross margin was 12.10%, down 1.2 percentage points year-on-year [1] IoT and Internet Business - IoT revenue grew by 20.3% year-on-year to 268 billion CNY, driven by increased sales of large appliances and IoT products overseas - Internet business revenue was 82.7 billion CNY (yoy +11.0%) - IoT gross margin improved by 2.1 percentage points to 19.7%, while internet business gross margin increased by 4.2 percentage points to 78.3% [1] Automotive Business - The automotive segment reported revenue of 62 billion CNY, with a gross margin of 15.4% - The company delivered over 27,000 units of the SU7 series in Q2, with an ASP of 229,000 CNY - The automotive factory has started double-shift production, significantly optimizing capacity [1][3] Future Projections - Revenue projections for 2024, 2025, and 2026 are 3436 billion CNY, 4025 billion CNY, and 4506 billion CNY, respectively, with year-on-year growth rates of 26.8%, 17.1%, and 11.9% - Adjusted net profit projections for the same years are 214 billion CNY, 237 billion CNY, and 277 billion CNY, with year-on-year growth rates of 11.1%, 10.7%, and 16.9% [3][4]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) with a target price of HKD 23.6, indicating a potential upside of 26% from the current price of HKD 18.82 [5][8]. Core Insights - Xiaomi's two main business segments, smartphones and AIoT, along with its electric vehicle (EV) sector, are experiencing stable and strong growth trends. The smartphone segment continues to show good growth in both domestic and international markets, particularly in high-end smartphones, which supports IoT product growth and accumulates high-end user bases for its internet services [5]. - The EV segment has reported a gross margin of 15.4%, significantly exceeding market expectations, driven by delivery volume exceeding expectations, supplier support, and contributions from automotive peripheral products. Overall, Xiaomi's products in smartphones, EVs, and IoT are positioned for long-term growth potential [5]. Business Segment Summaries - **Smartphones**: Expected shipment volume for 2024 is projected to reach 166 million units. The smartphone gross margin is anticipated to bottom out in Q3 2023 due to rising upstream costs, with a recovery expected in Q4. Strategies focusing on high-end, globalization, and new retail are being effectively implemented [5]. - **IoT**: Multiple product categories, including major appliances, are showing strong growth, with gross margins expected to remain high. Xiaomi is expanding its IoT product categories through internal research and development strategies [5]. - **Internet Services**: This segment benefits directly from the growing user base of smartphones and IoT, particularly high-end users, leading to scale effects that are likely to maintain high gross margins [5]. - **Electric Vehicles**: The successful launch of the Xiaomi SU7 has laid a solid foundation for new models in the coming year. The EV segment's gross margin is expected to improve further in Q3 and Q4 2023 as delivery volumes continue to rise [5]. Financial Projections - Revenue for 2024 is projected at RMB 341.017 billion, with a year-on-year growth rate of 26%. Adjusted net profit is expected to be RMB 20.263 billion, reflecting a 5% increase year-on-year [7][14]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and profit margins over the next few years, with significant growth expected in 2025 and 2026 [12][14].

Investment Rating - The report assigns a rating of "Buy" to Xiaomi Group-W (1810) [2][4]. Core Views - The report highlights that the adjusted net profit for Q2 2024 exceeded expectations, driven by strong automotive gross margins and continuous growth in the IOT and internet segments, alongside sustained growth in mobile phone sales [3][4]. - The revenue forecast for Xiaomi has been revised upwards for 2024-2025, with adjusted net profit estimates now at 25.2 billion and 29.3 billion RMB, compared to previous estimates of 19.6 billion and 20.2 billion RMB [4]. Financial Summary - For Q2 2024, Xiaomi reported revenue of 88.9 billion RMB, a year-on-year increase of 32%, surpassing Bloomberg's consensus estimate by 2.5% [4]. - The adjusted net profit for Q2 2024 was 6.175 billion RMB, reflecting a year-on-year growth of 20.1%, exceeding Bloomberg's consensus estimate by 27.2% [4]. - The automotive segment's revenue for Q2 2024 reached 6.4 billion RMB, with a gross margin of 15.4%, significantly above market expectations [4]. - Mobile phone revenue was 46.5 billion RMB, a year-on-year increase of 27%, with a gross margin of 12.1% [4]. - IOT business revenue for Q2 2024 was 26.8 billion RMB, a year-on-year increase of 20%, with a gross margin of 19.7% [4]. - Internet revenue for Q2 2024 was 8.3 billion RMB, a year-on-year increase of 11%, with a gross margin of 78.3% [4]. Business Segments - The automotive business is expected to see continuous revenue growth as delivery capabilities improve, with a target of 120,000 units for the year [4]. - The mobile phone segment is projected to maintain its global market share, supported by the launch of flagship products and easing raw material cost pressures [4]. - The IOT segment is experiencing robust growth, driven by strong sales in major appliances, with significant year-on-year increases in unit sales for air conditioners, refrigerators, and washing machines [4].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 24.9, representing a potential upside of 42.1% from the recent closing price of HKD 17.5 [1][2]. Core Insights - Xiaomi Group's total revenue for Q2 2024 reached RMB 88.9 billion, a historical high, with a year-on-year growth of 32.0%. The smartphone, IoT, and internet services segments all showed rapid growth, while the smart electric vehicle segment contributed RMB 6.4 billion in revenue for the first time [1][2]. - The smartphone business saw a revenue increase of 27.1% year-on-year, with global shipments reaching 42.2 million units, marking a 28.1% increase and securing a 14.6% market share [1][2]. - The IoT and lifestyle products segment reported a revenue growth of 20.3% to RMB 26.8 billion, while internet services revenue grew by 11.0% to RMB 8.3 billion, both achieving historical highs [1][2]. - The smart electric vehicle segment had a revenue of RMB 6.4 billion in Q2 2024, with a gross margin of 15.4%. The company delivered 27,307 units of the Xiaomi SU7 series, with a net loss of RMB 1.8 billion, which was less than the previously expected loss of RMB 3 billion [1][2]. Financial Performance Summary - For Q2 2024, Xiaomi Group's operating expenses decreased by 1.0 percentage point to 14.2%, indicating improved operational efficiency. Adjusted net profit for the quarter increased by 20.1% year-on-year to RMB 6.2 billion, exceeding market expectations [1][2]. - The gross margin for the internet business reached 78.3%, up 4.2 percentage points year-on-year, while the IoT business gross margin was 19.7%, up 2.1 percentage points [1][2]. - The report forecasts continued revenue growth, with projected revenues of RMB 86.7 billion for Q3 2024 and RMB 90.1 billion for Q4 2024, reflecting year-on-year growth rates of 22.2% and 23.0%, respectively [3][4].

Investment Rating - The report maintains a "Recommend" rating for Xiaomi Group-W (1810 HK) [1][2] Core Views - Xiaomi's 2Q24 performance exceeded expectations with revenue reaching RMB 888 88 billion (+32 0% YoY) and adjusted net profit of RMB 61 75 billion (+20 1% YoY) [1] - The company's smartphone×AIoT business achieved revenue of RMB 825 billion (+22 5% YoY) with a gross margin of 21 1% [1] - Xiaomi's global smartphone shipments reached 42 2 million units (+28 1% YoY) maintaining its position as a top-three global smartphone vendor with a 14 6% market share [1] - The company's smart electric vehicle business achieved revenue of RMB 6 2 billion with a gross margin of 15 4% and delivered 27 307 Xiaomi SU7 series vehicles [1] Business Performance Smartphone Business - Smartphone revenue reached RMB 465 billion (+27 1% YoY) with a gross margin of 12 1% [1] - High-end smartphone shipments in mainland China accounted for 22 1% of total smartphone shipments (+2 0pct YoY) [1] - Market share in the RMB 5000-6000 price segment in China increased by 2 3pct to 8 9% [1] IoT and Lifestyle Products - IoT and lifestyle product revenue reached RMB 268 billion (+20 3% YoY) with a gross margin of 19 7% (+2 2pct YoY) [1] - Major home appliance business revenue grew by 38 7% YoY [1] Internet Services - Internet service revenue reached RMB 83 billion (+11 0% YoY) with a gross margin of 78 3% (+4 2pct YoY) [1] - Global and mainland China monthly active users reached record highs [1] International Business - Overseas market revenue reached RMB 381 billion accounting for 43% of total revenue [1] - Xiaomi ranked among the top three smartphone vendors in 58 countries and regions and top five in 70 countries and regions [1] - The company achieved top-two smartphone shipments in Latin America for the first time [1] Smart Electric Vehicle Business - R&D investment reached RMB 5 5 billion (+20 7% YoY) [1] - Xiaomi plans to achieve cumulative deliveries of 100 000 Xiaomi SU7 series vehicles by November 2024 and aims for 120 000 units for the full year [1] - The company has opened 87 car sales stores in 30 mainland Chinese cities [1] - City NOA (Navigate on Autopilot) function was launched in 10 Chinese cities with plans for nationwide rollout in August 2024 [1] Financial Forecasts - Revenue is expected to reach RMB 3330 98/3799 67/4279 69 billion in 2024/2025/2026 [1] - Net profit attributable to parent company is forecasted at RMB 177 96/202 34/247 06 billion for 2024/2025/2026 [1] - EPS is projected to be RMB 0 70/0 71/0 81/0 99 for 2023A/2024E/2025E/2026E [2][6] - P/E ratios are estimated at 25/22/18 times for 2024/2025/2026 [1][2] Strategic Outlook - The report highlights Xiaomi's "Human×Car×Home" ecosystem strategy and continuous AI layout [1] - The company is expected to benefit from smartphone industry recovery and AI-driven replacement demand [1] - Smart electric vehicle business is seen as a key growth driver for the company [1]

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is maintained as "Buy" [2][3] Core Views - The sustained upward momentum in the automotive sector, along with the high-end and export strategies, is expected to enhance the long-term outlook for the company [3] - Adjusted net profit estimates for 2024-2026 have been raised from 20.3 billion, 22.7 billion, and 21.9 billion to 21.0 billion, 28.2 billion, and 33.3 billion respectively, reflecting year-on-year growth rates of 9%, 34%, and 18% [3] - The current stock price of HKD 19.1 corresponds to a PE ratio of 21.1, 15.7, and 13.3 for 2024-2026, indicating strong profitability and cash flow potential [3] Financial Performance Summary - In Q2 2024, the adjusted net profit reached 6.2 billion, a 20% year-on-year increase, driven by better-than-expected IoT revenue and automotive gross margins [4] - Smartphone revenue grew by 27% year-on-year, although gross margin decreased from 14.8% in Q1 2024 to 12.1% due to rising component costs [4] - IoT revenue increased by 20% year-on-year, supported by higher sales of major appliances, tablets, and wearables, with a stable gross margin of 19.7% [4] - Internet revenue rose by 11% year-on-year, with a gross margin of 78.3%, benefiting from improved advertising margins [4] - The automotive segment delivered 27,000 units in Q2 2024, generating revenue of 6.4 billion with a gross margin of 15% [4] Business Outlook - The smartphone business is expected to see a slight increase in shipments in H2 2024, with total shipments projected to approach 170 million units for the year [5] - The automotive business is anticipated to continue its upward trend in gross margins due to increased production capacity and higher-margin product offerings [5] - The launch of the Xiaomi 15 flagship model and the introduction of a second new vehicle in 2025 are expected to boost market confidence [3][5] Key Financial Metrics - Revenue for 2024 is projected at 349.769 billion, with a year-on-year growth of 29.1% [6] - Adjusted net profit for 2024 is estimated at 20.972 billion, reflecting an 8.8% year-on-year increase [6] - Gross margin is expected to be 20.9% in 2024, with net margin at 6.0% and ROE at 12.5% [6]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 22 日 小米集团-W(01810.HK) 2024Q2 创单季度营收记录，汽车毛利 率亮眼 事件： 公司披露 2024Q2 业绩，2024Q2 实现收入 889 亿元，同增 32%；经调 整净利润为 62 亿元，同增 20.1%。 2024Q2 收入创单季度记录，利润端快速增长。得益于汽车新业 务收入贡献增量，2024Q2 实现收入 889 亿元，同增 32%，创单季 度营收最高记录；毛利率为 20.7%，同比下降 0.3pct，IoT 及互 联网服务毛利率提升抵消智能手机毛利率下滑；2024Q2 整体营业 费用为 126 亿元，其中手机 x AIoT 分部营业费用为 96 亿元，对 应营业费用率为 11.7%，同比下降 1.1pct。2024Q2 研发费用为 55 亿元，同增 20.7%。经调整净利润为 62 亿元，同增 20.1%。 人车家三大终端进入增长周期，经营表现亮眼。2024Q2 公司突 出的经营表现得益于三大核心终端出货量均进入增长周期，进而 推动互联网服务变现效率提升： ➢ 智能电动汽车：毛利率超预期，全 ...

22 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 小米 （ 1810 HK ） 第二季度在 EV GPM 和弹性核心收益方面表现突 出 ； 重申买入 小米在2024年第二季度实现了强劲的收入/调整后净利润增长，同比增长32%/20%。调整后 净利润比我们的预测高出21%/27%，主要是由于电动汽车（EV）/互联网业务的毛利率更强 以及运营效率的提升所驱动。小米首次公布了其电动汽车业务的财务数据，季度毛利率为 15.7%，远高于市场预期的5%-10%，管理层预计下一季度的毛利率将实现环比增长。展望未 来，我们对小米在全球智能手机市场份额的增长、新零售战略的执行、AIoT业务的增长势头 以及电动汽车出货量的交付以推动FY24E-25E的盈利增长持乐观态度。我们将FY24-26E的每 股收益上调6-8%，以反映强劲的第二季度结果和更佳的电动汽车盈利能力，并将基于SOTP的 股价目标上调至港币24.4元，相当于FY24E的市盈率23.9倍。即将到来的催化剂包括每月出货 量SU7和智能手机市场份额的增加。 2Q24 盈利超过强劲的物联网 / 互联网 / 电动汽车利润率。小米2024年第二季度全球 ...