国证国际港股晨报-20250530

Group 1: Market Overview - The report highlights that tariff issues continue to suppress investment sentiment, despite a favorable ruling from the U.S. International Trade Court regarding tariffs imposed by President Trump [2][4] - The Hang Seng Index opened lower but eventually rose, closing at 23,573 points, up 315 points or 1.35%, with trading volume increasing by 25.5% to HKD 226.9 billion [2] - Among the 12 Hang Seng Composite Industry Indices, only the essential consumer sector declined, while the healthcare sector led gains with a 4.09% increase [2] Group 2: Company Analysis - Xiaomi Group (1810.HK) - Xiaomi's smartphone business saw revenue of HKD 50.6 billion in Q1 2025, an increase of 8.9% year-on-year, with global smartphone shipments reaching 41.8 million units, up 3.0% [6] - The average selling price (ASP) of Xiaomi smartphones reached a record high of HKD 1,211, a 5.8% increase year-on-year, while the gross margin was 12.4%, down 2.4 percentage points due to rising core component prices [6] - Revenue from IoT and lifestyle products was HKD 32.3 billion, a significant increase of 58.7% year-on-year, with smart home appliances seeing a 113.8% increase in revenue [7] - The AIoT platform connected 940 million devices, with a 20.1% year-on-year increase, and the monthly active users of the Mi Home app reached 106 million, up 19.5% [7] - In the automotive sector, Xiaomi reported revenue of HKD 18.1 billion from smart electric vehicles, delivering 75,869 units in Q1 2025, with a gross margin of 23.2%, significantly above the industry average [8] - The report suggests that Xiaomi's performance exceeded expectations, driven by strong growth in IoT and automotive businesses, and sets a target price of HKD 60.5 per share, maintaining a "buy" rating [8]