【招商电子】小米集团-W：人车家全生态齐头并进，Q3营收再创历史新高

Core Viewpoint - The company reported strong Q3 2024 results with total revenue reaching RMB 92.51 billion, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.1%, while adjusted net profit was RMB 6.25 billion, up 4.4% year-on-year and 1.2% quarter-on-quarter [2] Group 1: Financial Performance - Q3 2024 revenue reached a record high, with adjusted net profit showing both year-on-year and quarter-on-quarter growth [2] - The company maintained a cash reserve of RMB 151.6 billion as of September 30, 2024, marking an 18.7% increase year-on-year [2] - The overall operating expense ratio improved to 14.8%, down 0.9 percentage points year-on-year [2] Group 2: Smartphone Business - Q3 2024 smartphone revenue was RMB 47.45 billion, a year-on-year increase of 13.9% and a quarter-on-quarter increase of 2.0% [3] - The smartphone gross margin was 11.7%, down 5.0 percentage points year-on-year due to rising core component prices and intensified competition [3] - The company achieved a global smartphone shipment of 43.1 million units in Q3 2024, maintaining a market share of 13.8% [3] Group 3: IoT and Internet Services - Q3 2024 IoT revenue was RMB 26.1 billion, a year-on-year increase of 26.3% [4] - The IoT gross margin improved to 20.8%, up 2.9 percentage points year-on-year, reflecting product structure improvement [4] - Internet services revenue reached RMB 8.46 billion, a year-on-year increase of 9.1%, with a gross margin of 77.5% [4] Group 4: Automotive Sector - Q3 2024 revenue from smart electric vehicles was RMB 9.7 billion, with a gross margin of 17.1%, up 1.7 percentage points quarter-on-quarter [5] - The company delivered 39,800 units of the Xiaomi SU7 in Q3 2024, raising the annual delivery target to 130,000 units [5] - The company plans to release multiple new models in the coming years, aiming to rank among the top five global automakers by 2025-2030 [5]