小米集团-W：2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency. Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM exp ...