KAIYUAN SECURITIES·2025-05-29 06:23Investment 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 strong business growth and the upcoming launch of the Yu7 model in July 2025, which serves as a positive 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][5] - The current stock price of 51.75 HKD corresponds to a PE ratio of 25.7, 18.0, and 16.6 for 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]