XIAOMI(01810) 民生证券·2025-05-25 10:23Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 53.00, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the new self-developed chips, the Xiaomi玄戒 O1 and T1, positions the company among the leading flagship chip manufacturers, enhancing its competitive edge in the market [2]. - The company is expected to see substantial revenue growth, with projected revenues of RMB 506.27 billion, RMB 605.21 billion, and RMB 700.89 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 35.71 billion, RMB 45.78 billion, and RMB 59.89 billion for the same years [5][3]. Summary by Sections Product Launch and Achievements - Xiaomi unveiled its new玄戒 O1 and T1 chips and the YU7 SUV series during its 15th-anniversary event, showcasing a range of innovative products [1]. - The玄戒 O1 chip features advanced specifications, including a 3nm process, 19 billion transistors, and a multi-core CPU architecture, achieving over 3 million points on AnTuTu benchmark [2]. Automotive Business - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, and the YU7 series is set to launch in July, featuring impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - The report forecasts significant revenue and profit growth for Xiaomi, with a projected revenue increase of 35% in 2024 and a steady growth trajectory in subsequent years [5][3]. - The expected earnings per share (EPS) are projected to rise from RMB 0.91 in 2024 to RMB 2.31 by 2027, reflecting strong profitability growth [5].