Financial Performance - Q3 2024 revenue reached a record high of RMB 92.507 billion, with adjusted net profit of RMB 6.252 billion [1] - Gross margin in Q3 2024 was 20.41%, and net profit margin was 5.77%, showing sequential improvement since Q1 2024 [2] Smartphone Business - Global smartphone shipments reached 43.1 million units in Q3 2024, a 3.1% YoY increase, with a market share of 13.8% [4] - Premiumization strategy has achieved significant results, with continuous improvement in product competitiveness [5] Smart EV Business - Smart EV business gross margin further increased to 17.1% in Q3 2024 due to scale effects [5] - The company has already achieved its target of delivering 100,000 new vehicles by November 18, 2024, and is moving towards a new annual target of 130,000 units [6] - End-to-end full-scenario intelligent driving is expected to be launched in the pioneer version by the end of December, enhancing user experience [6] Other Product Categories - Tablet, wearable products, air conditioners, and washing machines saw shipment growth exceeding 50% YoY [7] - Internet services achieved a record high in revenue with a gross margin of 77.5% in Q3 2024, benefiting from expanding user base [7] Strategic Outlook - The company's "Human x Car x Home" ecosystem strategy is expected to fully leverage synergies across businesses [4] - With its established consumer electronics brand, user base, and supply chain advantages, the company is well-positioned for long-term growth as its automotive business develops and AIoT product portfolio expands [7]
民生证券：小米集团三季度业绩持续增长 智能电动汽车业务规模效应凸显