XIAOMI(01810) 华安证券·2024-05-29 01:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - In Q1 2024, the company achieved a record high profit with a revenue of 75.5 billion, representing a year-on-year growth of 27%, and an adjusted net profit of 6.49 billion, which is a 100.75% increase year-on-year [1] - The gross margin for the quarter was 22.29%, up 2.8 percentage points year-on-year and 0.97 percentage points quarter-on-quarter [1] - The smartphone business saw a significant revenue increase of 33% year-on-year, with global shipments reaching 40.6 million units, a 33.7% increase [1] - The AIoT business revenue grew by 21% year-on-year, with the total number of connected devices reaching 786 million, a 27% increase [1] - The internet business revenue was 8.048 billion, up 14.5% year-on-year, with overseas revenue growing by 39% [1] - The automotive business is set to expand production in June, aiming for a total delivery of 100,000 vehicles in 2024 [1] Financial Performance Summary - For 2024, 2025, and 2026, the company is expected to generate revenues of 332.3 billion, 380.5 billion, and 422.8 billion respectively, with year-on-year growth rates of 22.6%, 14.5%, and 11.1% [1] - The adjusted net profit forecast for the same years is 17.26 billion, 19.59 billion, and 20.88 billion, with year-on-year changes of -10.4%, +13.5%, and +6.6% [1] - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.69, 0.55, and 0.61 respectively [4]