XIAOMI(01810) 东方财富·2024-09-25 01:48Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - In the first half of 2024, the company achieved a revenue of 164.395 billion yuan, representing a year-on-year growth of 29.62%. In Q2 alone, revenue reached 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for the first half was 9.28 billion yuan, a 17.86% increase year-on-year, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The overall gross margin for the first half was 21.43%, an increase of 1.12% year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were 6.92%, 1.65%, and 6.48%, respectively, with management and R&D expense ratios declining year-on-year [2]. - The company launched its first smart electric vehicle, the Xiaomi SU7 series, in March 2024, generating approximately 6.4 billion yuan in revenue in Q2, with a gross margin of 15.4% [2]. Summary by Sections Financial Performance - The company reported a total revenue of 164.395 billion yuan for H1 2024, with a 29.62% year-on-year increase. Q2 revenue was 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for H1 was 9.28 billion yuan, a 17.86% increase, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The gross margin for H1 was 21.43%, up 1.12% year-on-year. The sales expense ratio increased slightly, while management and R&D expense ratios decreased [2]. Business Segments - In Q2, smartphone revenue was 46.5 billion yuan, a 27.1% year-on-year increase, with a shipment of 42.2 million units, up 28.1% year-on-year. The gross margin for smartphones was 12.1%, down 1.2% due to market competition and component price increases [2]. - The Internet of Things (IoT) and lifestyle products generated 26.8 billion yuan in Q2, a 20.3% year-on-year increase, with a gross margin of 19.7% [2]. - The internet services segment reported revenue of 8.3 billion yuan in Q2, an 11.0% year-on-year increase, with a gross margin of 78.3% [2]. Future Outlook - The company has updated its revenue forecasts, expecting revenues of 351.49 billion yuan, 389.75 billion yuan, and 434.56 billion yuan for 2024, 2025, and 2026, respectively. The net profit forecasts are 20.442 billion yuan, 22.992 billion yuan, and 26.195 billion yuan for the same years [6][7].