XIAOMI(01810) 群益证券·2025-05-23 08:23Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 65.0 [6][8]. Core Insights - The company has launched several new products, including the Yu7 vehicle and the O1 and T1 chips, with the O1 chip's performance exceeding expectations, indicating a successful R&D investment in the chip sector [6][8]. - The company's "human-vehicle-home" ecosystem strategy is showing positive results, with automotive sales expected to be a significant growth driver in the future [6][8]. - The company achieved record high earnings in Q4 2024, with a revenue of RMB 365.9 billion, a 35% year-on-year increase, and a net profit of RMB 23.7 billion, also up 35% year-on-year [8]. Summary by Sections Company Basic Information - The company operates in the electronics industry, with an H-share price of HKD 53.20 as of May 22, 2025, and a market capitalization of RMB 51.27 billion [2]. - The stock has seen a significant increase of 174% over the past month and 19.8% over the past year [2]. Financial Projections - The company is projected to achieve a net profit of RMB 39.32 billion in 2025, representing a 66% year-on-year growth, with EPS expected to be RMB 1.57 [7][8]. - Revenue is forecasted to grow from RMB 270.97 billion in 2023 to RMB 495.67 billion in 2025, with a corresponding increase in gross profit [7][8]. Product Performance - The O1 chip features a ten-core SOC with superior performance metrics compared to competitors, indicating the company's advancements in chip technology [8]. - The Yu7 vehicle boasts a range of 835 km and a 0-100 km/h acceleration time of 5.88 seconds, positioning it competitively in the SUV market [8]. Investment Recommendations - Due to the strong performance in the home appliance sector, the annual profit forecast has been raised by 18%, with expected net profits of RMB 39.3 billion, RMB 48.2 billion, and RMB 60.3 billion for 2025, 2026, and 2027 respectively [8]. - The target price corresponds to a P/E ratio of 32x for 2025, indicating a favorable investment opportunity [8].