Great Wall Securities·2025-06-30 11:19Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4] Core Views - Xiaomi is expanding its product offerings in the AI field, launching its first AI glasses, which feature multi-modal smart interaction capabilities and plans for secure online payment integration with Alipay [2] - The launch of the Xiaomi YU7 smart car has seen impressive pre-order numbers, indicating strong market interest and potential for growth in the smart automotive sector [3] - The company's strategic focus on a comprehensive ecosystem encompassing personal, automotive, and home devices is expected to drive future performance [8] Financial Summary - Revenue projections show a growth trajectory from approximately 270.97 billion CNY in 2023 to 673.42 billion CNY by 2027, with year-over-year growth rates of -3.24% in 2023, 35.04% in 2024, and stabilizing around 16.89% by 2027 [1] - Net profit is expected to increase significantly from 17.48 billion CNY in 2023 to 59.67 billion CNY in 2027, with a remarkable growth rate of 606.34% in 2023 [1] - The report anticipates a steady improvement in return on equity (ROE), rising from 10.66% in 2023 to 17.67% in 2027 [1] Market Position and Strategy - Xiaomi's entry into the AI glasses market is seen as a confidence booster for the smart eyewear industry, with the global wearable AI market projected to reach 39.7 billion USD in 2024 [2] - The company is leveraging its leadership in the smart technology sector to enhance its product matrix in personal smart devices [2] - The YU7 smart car features advanced technology, including a 700 TOPS computing platform and various sensors, indicating Xiaomi's commitment to innovation in the automotive space [3]