XIAOMI(01810) 东方证券·2025-02-19 06:39Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 57.74 HKD [4][10][7]. Core Views - The company is expected to achieve earnings per share of 0.84, 1.06, and 1.37 CNY for the years 2024, 2025, and 2026 respectively, reflecting an upward adjustment in revenue and gross margin forecasts due to the positive industry outlook and the company's strategic initiatives [4][10]. - The automotive segment has shown strong performance with monthly deliveries exceeding 20,000 units, maintaining a long delivery cycle of 6-7 months [9][10]. - The integration of the DeepSeek large model into the company's operating system enhances its AI capabilities, allowing for various applications such as code writing and logical reasoning [9][10]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 362,463 million CNY, 406,553 million CNY, and 475,075 million CNY respectively, indicating a growth rate of 34%, 12%, and 17% [6][10]. - Operating profit is forecasted to be 22,944 million CNY, 29,430 million CNY, and 38,863 million CNY for 2024, 2025, and 2026, with significant growth rates of 15%, 28%, and 32% [6][10]. - The net profit attributable to the parent company is expected to reach 20,996 million CNY, 26,528 million CNY, and 34,418 million CNY for the same years, with growth rates of 20%, 26%, and 30% [6][10]. - The gross margin is projected to be 21.0%, 21.8%, and 22.7% for 2024, 2025, and 2026, while the net margin is expected to be 5.8%, 6.5%, and 7.2% [6][10].