XIAOMI(HK:01810) GOLDEN SUN SECURITIES·2025-04-06 10:23Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6] Core Views - Xiaomi Group achieved a record revenue of 365.9 billion CNY in 2024, representing a year-on-year growth of 35.0%. The adjusted net profit reached approximately 27.2 billion CNY, a 41.3% increase year-on-year [1] - The smartphone segment saw revenue of 191.8 billion CNY, growing by 21.8% year-on-year, while the IoT segment generated 104.1 billion CNY, up 30.0% year-on-year [2] - The automotive segment is projected to deliver 350,000 units in 2025, with the SU7 model delivering 136,854 units in 2024 [3] Summary by Sections Financial Performance - In 2024, Xiaomi Group's total revenue was 365.9 billion CNY, with a year-on-year growth of 35.0%. The adjusted net profit was 27.2 billion CNY, marking a 41.3% increase [1] - Revenue breakdown: Smartphones contributed 191.8 billion CNY, IoT contributed 104.1 billion CNY, and internet services contributed 34.1 billion CNY [2] Business Segments - Smartphones: Xiaomi holds the largest market share in the 4000-5000 CNY price range in China at 24.3% and ranks among the top three in smartphone shipments in 56 countries [2] - IoT: The IoT business achieved a revenue of 104.1 billion CNY with a gross margin of 20.3%, both reaching historical highs [2] - Automotive: The company aims to deliver 350,000 vehicles in 2025, with strong demand for the SU7 model and the upcoming YU7 SUV [3] Future Projections - Revenue forecasts for 2025-2027 are 452.3 billion CNY, 592.8 billion CNY, and 713.6 billion CNY, with respective year-on-year growth rates of 24%, 31%, and 20% [3] - Adjusted net profit for the core consumer electronics business is expected to grow to 36.2 billion CNY in 2025, with a year-on-year increase of 8% [3]