XIAOMI(01810) 长城证券·2025-03-20 11:10Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][8][18] Core Viewpoints - Xiaomi Group achieved record-high annual performance in 2024, with total revenue reaching RMB 365.9 billion, a year-on-year increase of 35% [2][3] - The company reported an adjusted net profit of RMB 27.2 billion for 2024, up 41.3% year-on-year, with Q4 alone surpassing RMB 100 billion in revenue for the first time [2][3] - The smartphone and AIoT business segments showed robust growth, while the electric vehicle segment is expected to contribute significantly to future revenue [3][8] Financial Performance Summary - Revenue Forecast: Projected revenues for 2024-2027 are RMB 365.9 billion, RMB 483.0 billion, RMB 576.1 billion, and RMB 673.4 billion respectively, with growth rates of 35.04%, 32.00%, 19.28%, and 16.89% [1][8] - Net Profit Forecast: Expected net profits for the same period are RMB 23.7 billion, RMB 31.0 billion, RMB 40.1 billion, and RMB 50.2 billion, with growth rates of 35.38%, 31.12%, 29.22%, and 25.36% [1][8] - Key Ratios: The report indicates a projected P/E ratio of 47.11 for 2025, decreasing to 29.09 by 2027, and a P/B ratio of 6.65 in 2025, dropping to 4.71 by 2027 [1][8] Business Segment Performance - Smartphone Business: In 2024, Xiaomi's smartphone revenue reached RMB 191.8 billion, a 21.8% increase, with a market share of 13.8% globally [3][8] - Electric Vehicle Business: The electric vehicle segment generated RMB 32.8 billion in revenue, with a delivery target of 350,000 units for 2025 [3][8] - R&D Investment: Xiaomi's R&D expenditure for 2024 was RMB 24.1 billion, expected to rise to RMB 30 billion in 2025, reflecting the company's commitment to innovation [2][3]