Group 1 - The core viewpoint indicates that the company maintains strong brand momentum in the mid-term, but requires the release of automotive production capacity and the 2026 new vehicle product cycle to drive growth [1] - The company's net profit forecast for 2025-2027 has been revised down from 471/674/731 billion to 415/555/686 billion, reflecting a year-on-year growth of 52%/34%/24% [1] - The current stock price of 52.55 HKD corresponds to a PE ratio of 30.1/22.6/18.2 for 2025-2027 [1] Group 2 - In Q2 2025, the company's non-GAAP net profit was 10.8 billion, a year-on-year increase of 75%, which was in line with expectations [1] - Mobile business revenue was 45.5 billion, with an average selling price (ASP) declining by 3% and 11% quarter-on-quarter and year-on-year respectively, primarily due to increased shipment volume in Africa and intense price competition in overseas markets [1] - IoT revenue reached 38.7 billion, showing a year-on-year growth of 45% and a quarter-on-quarter growth of 20%, exceeding previous expectations, mainly driven by large home appliances [1] Group 3 - The automotive and new business segment is expected to achieve profitability in a specific month or quarter in H2 2025 [2] - The company anticipates a decline in main business net profit in Q3 2025, primarily due to rising storage costs and the absence of new product launches, with a projected gross margin drop to 11% [2] - The IoT business is expected to see seasonal revenue decline to around 30 billion, while gross margin is anticipated to improve [2]
小米集团-W(01810.HK):品牌势能仍足 待汽车产能释放及新车周期启动