XIAOMI(01810) 国海证券·2025-05-29 14:34Investment Rating - The report maintains an "Accumulate" rating for Xiaomi Group-W (1810.HK) as of May 29, 2025 [1][10]. Core Insights - Xiaomi Group achieved record highs in revenue and profit for Q1 2025, with revenue approximately 111.3 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit around 10.7 billion yuan, up 64.5% [5][6]. Summary by Sections Recent Performance - In Q1 2025, Xiaomi's global smartphone shipments reached 40 million units, marking seven consecutive quarters of year-on-year growth. The company also delivered 75,869 units of the Xiaomi SU7 series vehicles [6]. Market Position - Xiaomi's smartphone business generated approximately 50.6 billion yuan in revenue, reflecting a year-on-year growth of 8.9%. The company's global smartphone market share stood at 14.1%, maintaining a top-three position for the 19th consecutive quarter [6][7]. Product Development - The revenue from smart home appliances surged by 113.8% year-on-year in Q1 2025, with significant increases in air conditioner, refrigerator, and washing machine shipments [7]. Automotive Expansion - The smart electric vehicle segment generated 18.1 billion yuan in revenue, with 75,869 units of the Xiaomi SU7 series delivered. The company has opened 235 automotive sales stores across 65 cities in mainland China as of March 31, 2025 [7]. Internet Services Growth - Internet revenue reached 9.1 billion yuan in Q1 2025, a year-on-year increase of 12.8%, with a gross margin of 76.9%, up 2.7 percentage points. The global monthly active user count reached 719 million, a 9.2% increase year-on-year [7][8]. Financial Projections - The report projects revenues of 484.5 billion yuan, 682.9 billion yuan, and 901.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 44.5 billion yuan, 59.7 billion yuan, and 84.4 billion yuan for the same years. The corresponding P/E ratios are expected to be 27.7x, 20.6x, and 14.6x [9][10].