XIAOMI(01810) 智通财经网·2025-05-02 01:27Core Viewpoint - CICC has raised its adjusted net profit forecasts for Xiaomi Group for 2025 and 2026 by 4.6% and 3.8% to CNY 40.197 billion and CNY 54.743 billion respectively, maintaining a target price of HKD 70, indicating a potential upside of 40.1% from the current stock price [1] Group 1: Financial Performance - The adjusted net profit for Q1 2025 is expected to grow by 53.03% year-on-year, with revenue projected to increase by 44.85% to CNY 109.37 billion [2] - Xiaomi's smartphone shipments are expected to rise by 3% year-on-year to 41.8 million units globally, with a 40% increase in the Chinese market, leading to a revenue growth of 8.3% to CNY 50.327 billion [3] - IoT revenue is anticipated to grow by 52% year-on-year to CNY 30.968 billion, with a gross margin increase of 3.68 percentage points to 23.5% [4] Group 2: Automotive Business - The delivery of the Xiaomi SU7 is projected to reach 76,000 units in Q1 2025, generating revenue of CNY 18.18 billion, with a gross margin increase of 0.76 percentage points to 21.2% [5] - The company expects a 192% year-on-year growth in automotive shipments in 2025, reaching 400,000 units, driven by the sales of SU7 Ultra and the upcoming launch of YU7 [5]