GOLDEN SUN SECURITIES·2025-08-10 13:18Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][5] Core Views - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, showing a slight increase from 42.3 million units in the same period last year, maintaining a global market share of 15% [1] - The company achieved record sales during the 618 shopping festival, with total payments exceeding 35.5 billion yuan [1] - The launch of the YU7 luxury SUV has seen strong demand, with over 200,000 units reserved within 3 minutes of its announcement [2] Financial Projections - Revenue projections for 2025-2027 are 475.1 billion yuan, 618.9 billion yuan, and 743.9 billion yuan, representing year-on-year growth of 30%, 30%, and 20% respectively [3][4] - Adjusted net profit estimates for the same period are 40.8 billion yuan, 57.2 billion yuan, and 74.1 billion yuan [3][4] - The report anticipates a non-GAAP EPS of 1.6 yuan, 2.2 yuan, and 2.8 yuan for 2025, 2026, and 2027 respectively [4][12] Market Performance - Xiaomi's smartphone sales in China reached 10.4 million units in Q2 2025, with a market share increase to 15% [1] - The company has also seen significant growth in its IoT and consumer products segment, with a projected revenue of 132.1 billion yuan in 2025 [12] - The report highlights Xiaomi's strong performance in various markets, including Latin America and Africa, driven by product strength [1][2]