KAIYUAN SECURITIES·2025-08-21 03:13Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - The brand momentum remains strong, awaiting the release of automotive production capacity and the initiation of a new vehicle cycle [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted downwards to 415 billion, 555 billion, and 686 billion CNY, respectively, reflecting a year-on-year growth of 52%, 34%, and 24% [1][4] - The current stock price of 52.55 HKD corresponds to a PE ratio of 30.1, 22.6, and 18.2 for the years 2025-2027 [1] Financial Summary and Valuation Metrics - Revenue for 2023A is 270,970 million CNY, with a year-on-year change of -3.2% [8] - Net profit for 2023A is 19,273 million CNY, with a year-on-year change of 126.3% [8] - Gross margin for 2023A is 21.2%, and net margin is 7.1% [8] - The diluted EPS for 2025E is projected at 1.59 CNY, with a PE ratio of 30.1 [8] - The company aims to achieve profitability in its automotive and new business segments in the second half of 2025 [6]