Investment Rating - The report maintains a "Buy" rating for Xiaomi Corp. (1810.HK) with a target price raised to HK$65 from HK$62, indicating a 26% upside potential [1][18]. Core Insights - Xiaomi's 1Q25 results exceeded expectations, with revenue growing by 47% year-over-year (yoy) to Rmb111 billion, and adjusted net profit increasing by 65% yoy to Rmb10.7 billion [1]. - Key growth drivers included AIoT and electric vehicles (EV), with AIoT revenue growing by 59% yoy, significantly outperforming the market [2][34]. - The gross profit margin (GPM) for AIoT reached a record high of 25.2%, up 5.4 percentage points yoy, making it the largest gross profit contributor for Xiaomi [3][58]. Financial Performance - Revenue from smart EVs showed a gross profit margin expansion to 23.2%, attributed to strong pricing power and lower bill of materials (BOM) costs [4]. - Smartphone revenue grew by 9% yoy to Rmb50.6 billion, with a market share increase in China to 19%, marking Xiaomi's first position in the market after 10 years [28]. - Internet services revenue increased by 13% yoy to Rmb9.1 billion, driven by a 20% growth in advertising revenue [67]. Segment Analysis - AIoT and lifestyle products contributed significantly to revenue, with smart large home appliances seeing a revenue growth of 114% yoy [42]. - Tablet shipments grew by 56% yoy, with Xiaomi achieving the No.3 market share globally and in China [47]. - Wearables revenue increased by 56.5% yoy, with Xiaomi maintaining a leading position in the global market [58]. Future Outlook - The company anticipates continued growth in AIoT, projecting a 22% compound annual growth rate (CAGR) for overseas revenue from 2024 to 2027 [61]. - Upcoming events to watch include the 6.18 shopping festival and a new product release event, which are expected to drive further consumer interest and sales [19].
小米集团（1810.HK）业绩回顾：2025年第一季度业绩因AIoT/电动汽车业务及强劲的中国销售而超预期；未来一个月将有重要事件；上调目标价并重申买入
Goldman Sachs·2025-05-30 02:30