XIAOMI(01810) Changjiang Securities·2025-06-02 05:44Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [7] Core Views - Xiaomi Group reported record high performance in Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%. The net profit attributable to shareholders was 109.24 billion yuan, up 161.2% year-on-year, and the adjusted net profit was 106.76 billion yuan, reflecting a 64.5% increase year-on-year. The gross margin was 22.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin attributable to shareholders was 9.8%, up 4.3 percentage points year-on-year [2][4] Summary by Sections Automotive Business - In Q1 2025, Xiaomi's automotive business generated revenue of 18.1 billion yuan, primarily driven by increased deliveries of the Xiaomi SU7. The SU7 series delivered 75,869 units, a quarter-on-quarter increase of 8.86%. The average selling price per vehicle was 238,600 yuan, up 2.01% quarter-on-quarter. The loss in this segment was 500 million yuan, significantly narrowed by 50.2% quarter-on-quarter. The gross margin for the automotive business was 23.2%, an increase of 2.72 percentage points quarter-on-quarter. The company expects to reach a profit inflection point in 2025 for its automotive business, contributing positively to Xiaomi's core performance [6] Smartphone Business - Xiaomi's smartphone business revenue in Q1 2025 was 50.6 billion yuan, a year-on-year increase of 8.9%, with a gross margin of 12.4%. Global smartphone sales reached 41.8 million units, a 3.0% year-on-year increase, marking the seventh consecutive quarter of growth. Xiaomi regained the top position in the Chinese market with a market share of 18.8%, a 40.0% year-on-year increase. The average selling price of Xiaomi smartphones was 1,210.5 yuan, up 5.7% year-on-year. High-end models accounted for 25% of total sales in China, up 3.3 percentage points year-on-year [6] IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from smart home appliances more than doubled, indicating the initial success of the high-end strategy. Sales of major appliances saw significant growth, with air conditioning units sold exceeding 1.1 million, a year-on-year increase of over 65% [6]