XIAOMI(01810) Guoxin Securities·2025-03-31 03:17Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [5] Core Views - The company has shown strong revenue and profit growth, with a focus on high-end product development and ecosystem synergy [8][9] - The smart electric vehicle segment continues to perform well, with an upward revision of the 2025 delivery target from 300,000 to 350,000 units, indicating a growth of over 250% [8][9] - The smartphone segment is experiencing an increase in overall market share and a push towards high-end products, with a target of 180 million units shipped in 2025 [10] - The Internet services segment is benefiting from user growth and increased monetization, leading to record service revenue [13][14] Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 109 billion yuan, a year-on-year increase of 49%, with a gross margin of 20.6% [8] - Operating profit for Q4 2024 was 8.89 billion yuan, up 76% year-on-year, with an operating margin of 8.2% [8] - Net profit for Q4 2024 reached 8.995 billion yuan, with a net margin of 8.3%, reflecting a year-on-year increase of 1.9 percentage points [8] Smart Electric Vehicles - The smart electric vehicle segment generated revenue of 16.7 billion yuan in Q4 2024, with a gross margin of 20.4% [8][9] - The company plans to expand its automotive business through the integration of Xiaomi Home stores, aiming to increase the number of stores from 200 to over 400 by 2025 [9] Smartphones - The company shipped 168 million smartphones in 2024, with an average selling price (ASP) of 1,138 yuan, a year-on-year increase of 5.2% [10] - The Q4 2024 smartphone revenue was 51.3 billion yuan, reflecting a 16% year-on-year growth [10] Internet Services - Internet services revenue for Q4 2024 was 9.3 billion yuan, a 19% increase year-on-year, driven by user growth and higher advertising revenue [13] - Monthly active users exceeded 700 million, with an average revenue per user (ARPU) increase of 8% [14] IoT Products - The IoT segment saw a revenue increase of 30.9 billion yuan in Q4 2024, a 52% year-on-year growth, supported by government subsidies and an expanding product ecosystem [13] - The company aims for over 50% growth in major appliances by 2025, with significant expansion plans in overseas markets [13]