Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [7] Core Views - Xiaomi Group reported record high performance in Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%. The net profit attributable to shareholders was 109.24 billion yuan, up 161.2% year-on-year, and the adjusted net profit was 106.76 billion yuan, reflecting a 64.5% increase year-on-year. The gross margin was 22.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin attributable to shareholders was 9.8%, up 4.3 percentage points year-on-year [2][4] Summary by Sections Automotive Business - In Q1 2025, Xiaomi's automotive business generated revenue of 18.1 billion yuan, primarily driven by increased deliveries of the Xiaomi SU7. The SU7 series delivered 75,869 units, a quarter-on-quarter increase of 8.86%. The average selling price per vehicle was 238,600 yuan, up 2.01% quarter-on-quarter. The loss in this segment was 500 million yuan, significantly narrowed by 50.2% quarter-on-quarter. The gross margin for the automotive business was 23.2%, an increase of 2.72 percentage points quarter-on-quarter. The company expects to reach a profit inflection point in 2025 for its automotive business, contributing positively to Xiaomi's core performance [6] Smartphone Business - Xiaomi's smartphone business revenue in Q1 2025 was 50.6 billion yuan, a year-on-year increase of 8.9%, with a gross margin of 12.4%. Global smartphone sales reached 41.8 million units, a 3.0% year-on-year increase, marking the seventh consecutive quarter of growth. Xiaomi regained the top position in the Chinese market with a market share of 18.8%, a 40.0% year-on-year increase. The average selling price of Xiaomi smartphones was 1,210.5 yuan, up 5.7% year-on-year. High-end models accounted for 25% of total sales in China, up 3.3 percentage points year-on-year [6] IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from smart home appliances more than doubled, indicating the initial success of the high-end strategy. Sales of major appliances saw significant growth, with air conditioning units sold exceeding 1.1 million, a year-on-year increase of over 65% [6]

Core Viewpoint - The company reported record high revenue and net profit for Q1 2025, driven by strong performance in automotive and IoT sectors, alongside a recovery in smartphone market share and continued high-end product strategy [1][2][3] Group 1: Financial Performance - Q1 2025 revenue reached 111.29 billion yuan, up 47.4% year-on-year and 2.1% quarter-on-quarter, marking a historical high [1] - Adjusted net profit for Q1 2025 was 10.68 billion yuan, an increase of 64.5% year-on-year and 28.4% quarter-on-quarter, also a record high [1] - Gross margin stood at 22.8%, up 0.5 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] Group 2: Automotive Business - Automotive revenue for Q1 2025 was 18.58 billion yuan, up 11.5% quarter-on-quarter, with losses narrowing to 500 million yuan [1] - The automotive gross margin reached 23.2%, an increase of 2.8 percentage points quarter-on-quarter [1] - SU7 series deliveries totaled 75,869 units, up 8.9% quarter-on-quarter, with the number of sales outlets expanding to 235 across 65 cities [1] Group 3: Smartphone Market - Smartphone revenue for Q1 2025 was 50.61 billion yuan, up 8.9% year-on-year but down 1.4% quarter-on-quarter, with a gross margin of 12.4% [2] - Smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, with global market share rising to 14.1% [2] - In China, market share increased to 18.8%, regaining the top position, while the ASP rose by 5.8% to 1,211 yuan [2] Group 4: IoT and New Retail - IoT revenue for Q1 2025 was 32.34 billion yuan, up 58.7% year-on-year and 4.8% quarter-on-quarter, with a gross margin of 25.2% [2][3] - Air conditioning, refrigeration, and washing machine shipments exceeded 1.1 million, 880,000, and 740,000 units respectively, with growth rates exceeding 65% [3] - The number of new retail stores expanded to 16,000, with a target of 20,000 by the end of 2025, supporting growth in IoT and consumer products [3] Group 5: Future Outlook - The company is expected to benefit from high-end product strategies and global expansion in its smartphone and AIoT businesses [3] - Profit forecasts for 2025, 2026, and 2027 have been raised to 39.6 billion, 53.4 billion, and 65.9 billion yuan respectively [3]

Core Insights - Xiaomi Group achieved record high revenue and adjusted net profit in Q1 2025, with revenue reaching 111.3 billion yuan, a year-on-year increase of 47%, and adjusted profit of 10.7 billion yuan, a year-on-year increase of 65% [1] Group 1: Financial Performance - Revenue for Q1 2025 was 111.3 billion yuan, marking a 47% year-on-year growth and exceeding 100 billion yuan for two consecutive quarters [1] - Adjusted net profit reached 10.7 billion yuan, surpassing Bloomberg's expectation of 9.1 billion yuan [1] - The performance exceeded expectations primarily due to high growth in IoT business and improved gross margins, particularly in electric vehicles [1] Group 2: Mobile Phone Segment - In Q1, smartphone shipments in China grew by 40%, with revenue from smartphones at 50.6 billion yuan, a year-on-year increase of 9% [2] - The average selling price (ASP) of smartphones reached a historical high of 1,211 yuan, up 6% year-on-year [2] - Xiaomi's global smartphone shipments totaled 41.8 million units, a 2.6% year-on-year increase, maintaining a market share of 14.1% [2] - The company adjusted its strategy to focus more on product structure rather than sheer volume, with a target of 180 million units by 2025 [2] Group 3: IoT Business - IoT revenue reached 32.3 billion yuan, exceeding expectations of 29.4 billion yuan, with a year-on-year growth of 59% [3] - Gross margin for IoT was 25.2%, significantly higher than the expected 21.3%, with a quarter-on-quarter increase of 4.7 percentage points [3] - Major appliances showed exceptional performance, with smart home appliances revenue up 114% year-on-year [3] Group 4: Electric Vehicles and AI - Revenue from the smart electric vehicle segment was 18.6 billion yuan, with deliveries of 76,900 units, and operating losses reduced to 500 million yuan [4] - The gross margin for this segment improved to 23.2% [4] - The company plans to invest significantly in R&D, with a target of 30 billion yuan for 2025, of which 25% will be allocated to AI [1][4] Group 5: Advertising and Services - Service revenue reached 9.1 billion yuan, a year-on-year increase of 13%, with a gross margin of 76.9% [3] - Advertising revenue was 6.6 billion yuan, up 20% year-on-year, contributing to the overall service revenue growth [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [7][18]. Core Views - Xiaomi Group's Q1 2025 revenue and adjusted net profit reached new highs, with revenue of 111.3 billion RMB, a year-on-year increase of 47%, and adjusted profit of 10.7 billion RMB, a year-on-year increase of 65% [7]. - The growth was primarily driven by the IoT business and improved gross margins, with electric vehicle margins exceeding expectations [7]. - The management reiterated its commitment to deepening core technologies, with a 2025 R&D expense guidance of 30 billion RMB, of which one-quarter will be allocated to AI [7]. - The smartphone segment saw a 40% increase in shipments in China, regaining the top market share with a 18.8% share [7]. - IoT revenue reached 32.3 billion RMB, a year-on-year increase of 59%, with a gross margin of 25.2% [7]. - Advertising revenue continued to grow, contributing to a service gross margin of 76.9% [7]. - The electric vehicle segment reported a revenue of 18.6 billion RMB with a significant reduction in operating losses [7]. - The report adjusts revenue forecasts for 2025-2027 upwards, reflecting strong performance in core categories and the upcoming launch of new EV models [7]. Financial Summary - Revenue projections for 2023 to 2027 are as follows: 271 billion RMB (2023), 366 billion RMB (2024), 484 billion RMB (2025E), 581 billion RMB (2026E), and 689 billion RMB (2027E) [2][9]. - Adjusted net profit is projected to grow from 193 billion RMB in 2023 to 586 billion RMB in 2027 [2][9]. - The gross margin is expected to improve from 21.2% in 2023 to 23.2% in 2027 [8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The report highlights strong performance across various business segments, particularly in IoT and automotive sectors, which are expected to continue enhancing earnings [1][9] - The company achieved record high revenue and net profit in Q1 2025, with revenue reaching 111.29 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.68 billion yuan, up 64.5% year-on-year [9] - The automotive segment shows promising growth with revenue of 18.58 billion yuan in Q1 2025, a quarter-on-quarter increase of 11.5%, and a narrowing loss of 500 million yuan [9] - Xiaomi's smartphone market share has returned to first place in China, with a year-on-year increase of 4.7% to 18.8% [9] - The IoT segment reported revenue of 32.34 billion yuan, a year-on-year increase of 58.7%, driven by strong sales in home appliances and tablets [9] Financial Projections - The report provides financial forecasts indicating total revenue growth from 365.91 billion yuan in 2024 to 726.72 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.64% [1][10] - Net profit is projected to increase from 23.66 billion yuan in 2024 to 65.94 billion yuan in 2027, reflecting a significant growth trajectory [1][10] - The report anticipates a steady improvement in earnings per share (EPS), rising from 0.91 yuan in 2024 to 2.54 yuan in 2027 [1][10]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The report highlights strong performance across various business segments, particularly in IoT and automotive sectors, which are expected to continue enhancing earnings [9] - The company achieved record high revenue and net profit in Q1 2025, with revenue reaching 111.29 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.68 billion yuan, up 64.5% year-on-year [9] - The automotive segment shows promising growth with revenue of 18.58 billion yuan, a quarter-on-quarter increase of 11.5%, and a narrowing loss of 500 million yuan [9] - Xiaomi's smartphone market share has returned to first place in China, with a year-on-year increase of 4.7% to 18.8% [9] - The IoT segment reported revenue of 32.34 billion yuan, a year-on-year increase of 58.7%, driven by strong sales in home appliances and tablets [9] Financial Projections - The report provides financial forecasts for Xiaomi Group, projecting total revenue to grow from 365.91 billion yuan in 2024 to 726.72 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.64% [1][10] - Net profit is expected to increase significantly from 23.66 billion yuan in 2024 to 65.94 billion yuan in 2027, reflecting a robust growth trajectory [1][10] - The report anticipates a steady improvement in earnings per share (EPS), projected to rise from 0.91 yuan in 2024 to 2.54 yuan in 2027 [1][10]

分组1 - Investment Rating: Buy for Xiaomi, PDD, Kuaishou, Link REIT, Hesai, and Telstra [1][3][5][9] - Xiaomi's 1Q25 results exceeded expectations with revenue growth of +47% year-over-year to Rmb111 billion and adjusted net profit growth of +65% year-over-year to Rmb10.7 billion [1] - PDD's 1Q25 profit declined significantly due to increased user and merchant investments, leading to a negative share price reaction despite a +15% growth in online marketing revenue [3] - Kuaishou maintained its FY25 guidance and showed sequential improvement in advertising and eCommerce, indicating strong growth momentum [5] - Hesai's 1Q25 results showed a net profit beat driven by higher gross margins and lower operating expenses, with a revised target price increase to US$23.30 [5][9] 分组2 - Key segments for Xiaomi include AIoT and EV, which continue to outperform expectations [1] - PDD's domestic GMV profit margin is expected to stabilize at 2.0% to 2.2% for FY25E to FY27E, down from previous estimates [3] - Kuaishou's strong position in AI applications and better-than-industry ad growth are potential drivers for stock re-rating [5] - Telstra's strategy focuses on consistent earnings growth and maximizing shareholder returns, with a financial capacity exceeding A$20 billion through FY30 [9]

Core Viewpoint - Xiaomi reported strong Q1 2025 performance with revenue of 111.29 billion, a year-on-year increase of 47.4%, and adjusted profit of 10.68 billion, up 64.5% [1] Group 1: Financial Performance - Q1 2025 revenue reached 1112.93 billion, reflecting a 47.4% year-on-year growth [1] - Adjusted profit for Q1 2025 was 106.75 billion, marking a 64.5% increase compared to the previous year [1] - The mobile and AIoT segments showed improved operational efficiency, with a gross margin of 22.8% and a decrease in operating expense ratio to 11.4% [1] Group 2: Mobile Segment - Xiaomi regained the top market share in mainland China with a 40% increase in smartphone shipments, totaling 13.3 million units [2] - The average selling price (ASP) of smartphones increased by 5.8% to 1210.6 yuan [2] - Internet revenue from mobile devices reached 9.1 billion, up 12.8% year-on-year [2] Group 3: IoT and Smart Devices - IoT business revenue grew by 58.7% to 32.34 billion, with smart home appliances seeing a 113.8% increase [2] - The gross margin for IoT reached a record high of 25.2%, up 4.7 percentage points [2] - The tablet segment saw a 56.1% increase in shipments, entering the global top three [2] Group 4: Automotive Segment - Q1 2025 saw 76,000 vehicle deliveries, with an ASP of 238,000 yuan [3] - Revenue from smart vehicles and AI-related businesses was 18.58 billion, accounting for 16.7% of total revenue [3] - The gross margin for the automotive segment improved to 23.2%, indicating ongoing scale effects [3] Group 5: Strategic Outlook - Xiaomi's competitive advantages include strong technology investments, supply chain management, and marketing capabilities [3] - The company is focusing on long-term strategies in AI, high-end products, and global expansion [3] - Revenue projections for 2025-2027 are estimated at 501.5 billion, 634.4 billion, and 733.2 billion respectively [4]

Core Viewpoint - The company is expected to see continued profit growth in Q2 2025, driven by positive business performance and the upcoming launch of Yu7 in July 2025, which serves as a catalyst for growth [1]. Financial Performance - In Q1 2025, the company's non-GAAP net profit reached 10.7 billion, a year-on-year increase of 64.5%, exceeding expectations due to better-than-expected gross margins in IoT and automotive sectors [1]. - The core business profit was 11.2 billion, while the automotive and new business incurred a loss of 0.5 billion [1]. - The company sold 41.8 million smartphones, a 2% quarter-on-quarter decline, primarily due to weak demand in overseas markets like India [1]. Revenue Breakdown - The average selling price (ASP) increased by 6% year-on-year and 1% quarter-on-quarter, benefiting from improved product mix [2]. - Smartphone gross margin decreased by 2.4 percentage points to 12.4% year-on-year due to rising costs of core components, but improved by 0.4 percentage points quarter-on-quarter due to better product mix in overseas markets [2]. - IoT revenue reached 32.3 billion, a year-on-year increase of 59% and a quarter-on-quarter increase of 5%, driven by government subsidies and enhanced brand strength [2]. - The gross margin for IoT improved by 5.3 percentage points to 25.2% due to higher margins in major appliances and product mix improvements [2]. - Internet revenue was 9.1 billion, showing a quarter-on-quarter decline of 3%, with a gross margin of 76.9% [2]. - Automotive sales reached 76,000 units, with an ASP of 238,000, slightly up from 234,000 in Q4 2024, primarily driven by the SU7 ultra model [2]. - The automotive gross margin improved by 3 percentage points to 23% due to changes in product mix [2]. Future Outlook - The company is focusing on high-quality products in its smartphone business, with expectations for further ASP increases [2]. - IoT business revenue growth is anticipated to reach 30% in 2025, supported by enhanced brand strength and optimized product mix [2]. - The company expects to exceed 350,000 units in automotive deliveries for the year, with improved gross margins [2].

Core Insights - In Q1 2025, the company's revenue reached 111.3 billion yuan, a year-on-year increase of 47%, with adjusted net profit at 10.7 billion yuan, up 64%, marking a historical high [1] - Gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a historical high [1] Smartphone Business - Smartphone revenue in Q1 2025 was 50.6 billion yuan, a 9% year-on-year increase, with a gross margin of 12.4% [1] - Global smartphone shipments increased by 3% to 41.8 million units, capturing a market share of 14.1%, ranking among the top three globally [1] - In mainland China, market share increased by 4.7 percentage points to 18.8%, reclaiming the top position in shipments after ten years [1] - The high-end strategy showed significant results, with high-end models accounting for 25.0% of total sales, up 3.3 percentage points year-on-year [1] - The company launched the new flagship model 15S Pro in May 2025, featuring the self-developed Xuanjie O1 chip [1] IoT and Consumer Products - Revenue from IoT and consumer products reached 32.3 billion yuan in Q1 2025, a 59% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points [1] Other Business Segments - Tablet shipments increased by 56%, and revenue from smart home appliances surged by 114% in Q1 2025 [2] - As of March 31, 2025, the company's AIoT platform connected approximately 940 million IoT devices (excluding smartphones, tablets, and laptops), a 20% year-on-year growth [2] - Internet services revenue reached 9.1 billion yuan in Q1 2025, a 13% year-on-year increase, with a gross margin of 76.9%, up 2.7 percentage points [2] - Monthly active users globally reached 720 million, a 9% year-on-year increase, with smart TV users at 73 million, up 8% [2] Automotive Business - Revenue from smart electric vehicles and AI-related businesses was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The SU7 series delivered 75,900 new vehicles in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company introduced its first luxury high-performance SUV, the YU7, in May 2025, set to launch in July [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share of 1.35, 1.82, and 2.27 yuan for 2025-2027, adjusting previous estimates due to revenue and margin updates [2] - Maintaining a comparable company PE valuation of 38 times for 2026, the target price is set at 75.52 HKD, with a buy rating [2]