美银：小米财报最新解读

Investment Rating - The report maintains a "BUY" rating for Xiaomi Corporation with a price objective (PO) of HK$66, up from HK$63 [4][8]. Core Insights - Xiaomi's 1Q adjusted earnings were CNY10.7 billion, exceeding BofA estimates and consensus by 5% and 18% respectively, reflecting a 28% quarter-over-quarter (QoQ) increase and a 65% year-over-year (YoY) increase [1][16]. - The company is focusing on enhancing its smartphone mix and expanding its home appliance segment, with a target to rank No.3 in China by 2025 [2][12]. - Management is optimistic about electric vehicle (EV) demand, having shipped 76,000 EVs in 1Q with a gross margin of 23.2%, while supply remains a key bottleneck [3][12]. Summary by Sections Financial Performance - 1Q sales were CNY111 billion, in line with estimates, showing a 2% QoQ increase and a 47% YoY increase, with a gross margin of 22.8% [1][16]. - Adjusted net income for 2025 is projected to be CNY36.2 billion, reflecting a 24.1% increase from 2024 [19][20]. Business Segments - The gross margin for IoT products increased to 25.2%, while large home appliances saw a 65% YoY increase in shipments, driving a 114% YoY revenue increase in 1Q [2][17]. - The EV segment is expected to see shipments rise to 370,000 units by 2025, up from previous estimates of 350,000 units [3][34]. Valuation and Estimates - The report raises 2025-2027 adjusted earnings estimates by 12-23%, with a new price objective based on a sum-of-the-parts (SOTP) valuation of HK$66, comprising HK$30 for core business and HK$36 for the EV business [4][15]. - The adjusted EPS for 2025 is now estimated at CNY1.40, up from CNY1.12, indicating a significant upward revision [19][20].