XIAOMI(HK:01810) Guoxin Securities·2025-03-22 09:10Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6] Core Views - The report highlights that Xiaomi achieved record high revenue and profit in 2024, with total revenue reaching 365.9 billion yuan (YoY +35%) and adjusted net profit of 27.2 billion yuan (YoY +41%) [1][4] - The company's strategy of integrating vehicles, home, and technology is fully implemented, contributing to significant growth across various business segments [1][4] - The report emphasizes the successful high-end strategy in the smartphone segment, with revenue of 191.8 billion yuan (YoY +22%) and an average selling price (ASP) reaching a historical high of 1,138 yuan [2] Summary by Sections Revenue and Profit Growth - In 2024, Xiaomi's total revenue was 365.9 billion yuan, with a significant increase in Q4 revenue to 109 billion yuan (YoY +49%, QoQ +18%) and adjusted net profit of 83 billion yuan (YoY +69%, QoQ +33%) [1] - The revenue breakdown for 2024 shows smartphones at 52%, IoT and lifestyle products at 29%, internet services at 9%, and smart electric vehicles at 9% [1] Smartphone Business - The smartphone business saw a revenue increase to 191.8 billion yuan, with a gross margin of 12.6% and a 5.2% increase in ASP [2] - Xiaomi's smartphone shipments reached 170 million units, a 16% increase, capturing 14% of the global smartphone market [2] Smart Electric Vehicles - Revenue from smart electric vehicles reached 32.8 billion yuan, with a gross margin of 18.5% [2] - The company plans to deliver 350,000 vehicles in 2025, up from 137,000 in 2024, indicating a strong growth trajectory [2] IoT and Internet Services - IoT business revenue reached 104.1 billion yuan (YoY +30%) with a gross margin of 20.3% [3] - Internet services generated 34.1 billion yuan (YoY +13%) with a high gross margin of 76.6% [3] Financial Forecasts - The report raises profit forecasts for 2025-2027, expecting net profits of 31.6 billion yuan, 42.4 billion yuan, and 60.8 billion yuan respectively, with growth rates of 34%, 34%, and 43% [4][5]