XIAOMI(01810) 东吴证券·2025-05-26 02:23Investment 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 has seen a 15.7% year-on-year increase in total smartphone shipments, with a growing market share in both global and domestic markets [7] - The report forecasts significant revenue growth, with total revenue expected to reach 691.16 billion yuan by 2027, and net profit projected to reach 59.31 billion yuan in the same year [1][8] Financial Projections - Total revenue projections for Xiaomi Group-W are as follows: - 2023: 270.97 billion yuan - 2024: 365.91 billion yuan - 2025: 483.50 billion yuan - 2026: 608.29 billion yuan - 2027: 691.16 billion yuan - Net profit projections are as follows: - 2023: 17.48 billion yuan - 2024: 23.66 billion yuan - 2025: 34.31 billion yuan - 2026: 46.73 billion yuan - 2027: 59.31 billion yuan [1][8] - The report indicates a steady increase in earnings per share (EPS), projected to reach 2.29 yuan by 2027 [1][8] Market Position - Xiaomi's market share in the high-end smartphone segment has increased, with a 3% year-on-year rise to 23.3% in 2024 [7] - The company plans to expand its retail presence internationally, aiming to open approximately 10,000 new Xiaomi stores overseas in the next five years [7]