XIAOMI(01810) 东吴证券·2025-05-26 02:05Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company continues to focus on the "people, vehicles, and home" ecosystem, launching new products such as the YU7 SUV and the Xuanjie chips, which are expected to drive growth [7] - The YU7 SUV is positioned as a high-performance luxury vehicle with impressive specifications, including a maximum horsepower of 690 PS and a range of 835 km, which is the highest for mid-to-large electric SUVs [7] - The self-developed Xuanjie O1 chip marks Xiaomi as the fourth company globally to design a 3nm process mobile SoC, enhancing its product capabilities [7] - The company is expanding its high-end product offerings, with a 15.7% year-on-year increase in total smartphone shipments in 2024, and a 3% increase in the domestic high-end smartphone market share [7] Financial Projections - Total revenue is projected to grow from CNY 270.97 billion in 2023 to CNY 691.16 billion by 2027, with a compound annual growth rate (CAGR) of 13.62% [1] - Net profit attributable to shareholders is expected to increase significantly from CNY 17.48 billion in 2023 to CNY 59.31 billion in 2027, reflecting a CAGR of 26.93% [1] - The earnings per share (EPS) is forecasted to rise from CNY 0.67 in 2023 to CNY 2.29 in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 73.19 in 2023 to 21.56 in 2027, indicating improving valuation [1] Market Position - Xiaomi's market capitalization is approximately CNY 1,043.39 million, with a closing price of HKD 53.00 [5] - The company has a price-to-book (P/B) ratio of 6.47 and a debt-to-asset ratio of 53.07% [6] - The company aims to expand its retail presence internationally, planning to open around 10,000 new Xiaomi stores overseas in the next five years [7]