KAIYUAN SECURITIES·2025-05-29 06:13Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 is expected to continue improving, driven by positive trends in various business segments and the upcoming launch of the Yu7 model in July 2025, which serves as a catalyst [4][5] - The profit forecast for 2025-2027 has been revised upwards to 471 billion, 674 billion, and 731 billion CNY, reflecting year-on-year growth of 73%, 43%, and 9% respectively [4] - The current stock price of 51.75 HKD corresponds to a PE ratio of 25.7, 18.0, and 16.6 for the years 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue for 2023 was 270,970 million CNY, with a projected increase to 501,338 million CNY in 2025, representing a year-on-year growth of 37% [7] - Net profit for 2023 was 19,273 million CNY, expected to rise to 47,057 million CNY in 2025, indicating a year-on-year growth of 72.8% [7] - The gross margin is projected to improve from 21.2% in 2023 to 23.1% in 2025 [7] - The diluted EPS is expected to increase from 0.76 CNY in 2023 to 1.85 CNY in 2025 [7]