GOLDEN SUN SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3] Core Views - Xiaomi Group's Q4 2023 adjusted net profit exceeded expectations, with revenue reaching 73.2 billion yuan, a year-on-year increase of 11%. The adjusted net profit for Q4 was 4.9 billion yuan, a significant year-on-year increase of 236% [1] - The company is focusing on its automotive segment, with impressive pre-orders for its newly launched cars, indicating strong market interest and potential for future revenue growth [1] - The strategic upgrade to a "full ecosystem" approach aims to enhance user experience and profitability through IoT products and value-added services [1] Financial Summary - For the full year 2023, Xiaomi Group reported total revenue of 271 billion yuan, a year-on-year decrease of 3.2%, while adjusted net profit was 19.3 billion yuan, a year-on-year increase of 126% [2][9] - The smartphone segment showed signs of recovery, with Q4 2023 smartphone shipments reaching approximately 40.5 million units, a year-on-year increase of 24% [1] - The report forecasts revenue growth for 2024-2026, estimating revenues of 320 billion yuan, 366.4 billion yuan, and 415.9 billion yuan respectively, with corresponding year-on-year growth rates of 18%, 14%, and 13% [1][2]