XIAOMI(01810) 甬兴证券·2025-05-26 04:16Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has launched several products to celebrate its 15th anniversary, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed SoC chip, Xuanjie O1 [1][2]. - The Xuanjie O1 chip, built on a second-generation 3nm process, is positioned to compete with Apple's A18 Pro in terms of performance and energy efficiency [2]. - The company plans to invest an additional 200 billion yuan in R&D over the next five years [1]. - The SUV YU7 was also unveiled, with a maximum range of 835 km and equipped with a 96.3 kWh lithium iron phosphate battery, expected to launch in July [2]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are approximately 33.75 billion yuan, 42.60 billion yuan, and 55.06 billion yuan, respectively [3]. - Revenue projections for 2024, 2025, 2026, and 2027 are 365.91 billion yuan, 483.38 billion yuan, 595.47 billion yuan, and 726.59 billion yuan, with year-on-year growth rates of 35.04%, 32.11%, 23.19%, and 22.02% [5][11]. - The adjusted EPS for the same years is expected to be 1.09 yuan, 1.30 yuan, 1.64 yuan, and 2.12 yuan [5][11]. Market Position and Strategy - The company is focusing on high-end product development, aiming to enhance the value of its consumer electronics [2]. - The automotive business is expected to contribute significantly to the company's growth, with a delivery target of 350,000 vehicles for the year [2].