XIAOMI(HK:01810) Huaan Securities·2025-03-21 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall performance in Q4 2024 exceeded Bloomberg consensus expectations, with revenue reaching 109 billion yuan (yoy +48.8%) and Non-GAAP net profit of 8.32 billion yuan (yoy +69.4%) [4] - The company has raised its 2025 automotive delivery target to 350,000 units, reflecting strong demand and improved production capacity [4][5] - The smartphone business is showing significant progress in high-end market penetration, with the average selling price (ASP) reaching 1,202 yuan (yoy +10.1%) [4][5] Summary by Sections Q4 2024 Performance - Revenue was 109 billion yuan, exceeding expectations by 4.4% - Non-GAAP net profit was 8.32 billion yuan, exceeding expectations by 27.2% - Smartphone revenue was 51.31 billion yuan (yoy +16.0%), IoT revenue was 30.87 billion yuan (yoy +51.7%), internet services revenue was 9.34 billion yuan (yoy +18.5%), and innovative automotive revenue was 16.7 billion yuan [4] Automotive Business - Nearly 70,000 vehicles were delivered in Q4 2024, surpassing the expected 60,000 units - Automotive gross margin improved significantly to 20.4%, up 3.3 percentage points from the previous quarter - The company is focusing on enhancing automotive production capacity and has plans for a new factory to be operational by mid-year [4][5] Smartphone Business - The ASP for smartphones has shown double-digit growth for two consecutive quarters - The share of high-end smartphones (priced above 3,000 yuan) in the Chinese market has increased to 23.3% [4] IoT Business - The IoT segment experienced over 50% year-on-year growth in Q4 2024, driven by strong sales in home appliances and tablets - The overseas market for IoT is expected to be twice the size of the domestic market, indicating significant growth potential [5][6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 492 billion yuan, 626 billion yuan, and 731 billion yuan respectively, with year-on-year growth rates of 34.5%, 27.3%, and 16.8% [8] - Adjusted net profit projections for the same years are 38.3 billion yuan, 54.2 billion yuan, and 67.3 billion yuan, with growth rates of 40.7%, 41.4%, and 24.3% [8]