XIAOMI(HK:01810) Ge Long Hui·2025-08-22 03:55Core Viewpoint - The report from Jianyin International indicates that Xiaomi's revenue for the second quarter increased by 30% year-on-year to 116 billion yuan, meeting expectations, primarily driven by growth in the Internet of Things (IoT) products and electric vehicle (EV) business [1] Group 1: Internet of Things (IoT) Performance - IoT sales grew by 45% year-on-year, supported by strong performance in home appliances, tablets, and wearable devices [1] - The firm expects Xiaomi to continue increasing its market share throughout the year, with IoT business projected to grow by 32% and 26% in 2025 and 2026, respectively [1] Group 2: Electric Vehicle (EV) Performance - In the second quarter, EV deliveries reached 81,300 units, a 7% increase quarter-on-quarter [1] - The average selling price rose by 6% quarter-on-quarter to 254,000 yuan, contributing to EV business revenue of 20.6 billion yuan [1] - The firm forecasts EV deliveries to reach 400,000 and 470,000 units in 2025 and 2026, respectively, with management planning to expand into the European market by 2027 [1] Group 3: Financial Projections - The firm has raised its profit forecasts for 2025, 2026, and 2027, with the target price increased from 67 HKD to 69 HKD, maintaining an "outperform" rating [1]