Investment Rating - The investment rating for Xiaomi Group-W (1810.HK) is "Buy" and is maintained [7]. Core Insights - Xiaomi's moat is built on its core model, focusing on high-end strategies and new retail formats. The company aims to strengthen its foundation in "chips, AI, and OS" while continuing to delve into core technology sectors. The integration of software and hardware will empower the entire ecosystem of people, vehicles, and homes [2][4]. Summary by Sections Event Description - On June 3, Xiaomi held its 2025 Investor Day, where the founder Lei Jun and President Lu Weibing discussed the company's high-end strategy and new retail formats. Xiaomi's moat is attributed to its core model, with a focus on "chips, AI, and OS" as the three foundational pillars of hard technology [2][4]. Smartphone and Consumer Electronics - Xiaomi is entering a balanced development year, with a projected net user inflow of over 13 million in China for 2024. From 2020 to 2024, the market share is expected to increase by 5.3 percentage points. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [8]. - In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k price range [8]. IoT Business - In Q1 2025, the IoT and lifestyle consumer products segment generated revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points. The revenue from major appliances doubled, indicating the initial success of the high-end strategy [8]. Automotive Business - The automotive segment's losses narrowed significantly, with a loss of 500 million yuan in Q1 2025, a reduction of 50.2% quarter-on-quarter. The new YU7 model is expected to launch in July, continuing the product positioning logic of the SU7 series. The automotive business is anticipated to achieve profitability in Q3 to Q4 of this year [8]. Overall Outlook - Xiaomi's comprehensive ecosystem is advancing, with steady growth in smartphones, rapid growth in IoT appliances, and the automotive business. The projected net profits for Xiaomi Group from 2025 to 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively, maintaining a "Buy" rating [8].

Group 1 - Xiaomi is hosting a special technology exhibition titled "Human, Vehicle, Home Ecosystem" at Beijing Huaxi LIVE from June 1 to June 18, aimed at enhancing consumer shopping experience with a total of 1.3 billion yuan in discounts across online and offline channels [1][3] - The exhibition features several new products including Xiaomi's first self-developed 3nm flagship processor "Xuanjie O1," the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, Xiaomi Watch S4 eSIM 15th Anniversary Edition, and the new luxury high-performance SUV Xiaomi YU7 [3] - The exhibition covers an area of 1000 square meters, divided into various zones such as vehicle exhibition, film exhibition, smart home living exhibition, and interactive areas, allowing consumers to experience Xiaomi's technology products in real-life scenarios [3] Group 2 - According to Xiaomi's latest Q1 2025 financial report, the company shipped 41.8 million smartphones globally, maintaining a position in the top three for 19 consecutive quarters and achieving year-on-year growth for seven consecutive quarters [4] - Xiaomi's market share in mainland China reached 18.8%, marking a return to the top position after ten years [4] - Revenue from IoT and lifestyle consumer products reached 32.3 billion yuan, representing a year-on-year growth of 58.7%, with smart home appliance revenue increasing by 113.8% [4]

Group 1: Xiaomi Automotive - In May 2025, Xiaomi delivered over 28,000 units of its SU7 model and is preparing for mass production of the YU7, expected to start in July 2025 [2][4] - The SU7 series has achieved cumulative deliveries of 258,000 units since its launch, with 75,869 units delivered in Q1 2025, reflecting a quarter-on-quarter growth of 8.9% [5] - The YU7 has received significant interest, with user inquiries three times higher than those for the SU7 at the same stage, indicating strong market potential [6] Group 2: Li Auto - Li Auto reported 40,856 vehicle deliveries in May 2025, a year-on-year increase of 16.7%, bringing total deliveries to 1,301,531 units [6] - The company achieved revenue of 25.93 billion yuan in Q1 2025, a 1.1% increase year-on-year, with a net profit of 646.6 million yuan, up 9.4% [6] - Li Auto plans to launch two new electric SUVs in the second half of the year, with the first model, Li i8, set to debut in July [7] Group 3: XPeng Motors - XPeng delivered 33,525 vehicles in May 2025, marking a 230% year-on-year increase, and has maintained over 30,000 deliveries for seven consecutive months [7] - The company reported a revenue of 15.81 billion yuan in Q1 2025, a 141.5% increase year-on-year, with total deliveries reaching 94,008 units, a 330.8% increase [8] - XPeng is expanding into European markets, having entered Italy and Poland, and aims to accelerate its global market presence [8] Group 4: Leap Motor - Leap Motor achieved a record monthly delivery of 45,067 vehicles in May 2025, representing a year-on-year growth of over 148% [9] - The company reported revenue of 10.02 billion yuan in Q1 2025, a 187.1% increase year-on-year, driven by a 162.1% increase in sales [9] - Leap Motor is focusing on overseas markets, with plans for local assembly in Malaysia by the end of 2025 and aims for localized manufacturing in Europe by 2026 [10] Group 5: Avita - Avita sold 12,767 vehicles in May 2025, a 179% year-on-year increase, achieving over 50,000 cumulative sales from January to May 2025 [10] - The brand has successfully entered markets such as Thailand and the UAE, with plans to expand to 50 countries by 2025 and enter Europe in 2026 [10]

Core Insights - Xiaomi Group achieved record high revenue and adjusted net profit in Q1 2025, with revenue reaching 111.3 billion yuan, a year-on-year increase of 47%, and adjusted profit of 10.7 billion yuan, a year-on-year increase of 65% [1] Group 1: Financial Performance - Revenue for Q1 2025 was 111.3 billion yuan, marking a 47% year-on-year growth and exceeding 100 billion yuan for two consecutive quarters [1] - Adjusted net profit reached 10.7 billion yuan, surpassing Bloomberg's expectation of 9.1 billion yuan [1] - The performance exceeded expectations primarily due to high growth in IoT business and improved gross margins, particularly in electric vehicles [1] Group 2: Mobile Phone Segment - In Q1, smartphone shipments in China grew by 40%, with revenue from smartphones at 50.6 billion yuan, a year-on-year increase of 9% [2] - The average selling price (ASP) of smartphones reached a historical high of 1,211 yuan, up 6% year-on-year [2] - Xiaomi's global smartphone shipments totaled 41.8 million units, a 2.6% year-on-year increase, maintaining a market share of 14.1% [2] - The company adjusted its strategy to focus more on product structure rather than sheer volume, with a target of 180 million units by 2025 [2] Group 3: IoT Business - IoT revenue reached 32.3 billion yuan, exceeding expectations of 29.4 billion yuan, with a year-on-year growth of 59% [3] - Gross margin for IoT was 25.2%, significantly higher than the expected 21.3%, with a quarter-on-quarter increase of 4.7 percentage points [3] - Major appliances showed exceptional performance, with smart home appliances revenue up 114% year-on-year [3] Group 4: Electric Vehicles and AI - Revenue from the smart electric vehicle segment was 18.6 billion yuan, with deliveries of 76,900 units, and operating losses reduced to 500 million yuan [4] - The gross margin for this segment improved to 23.2% [4] - The company plans to invest significantly in R&D, with a target of 30 billion yuan for 2025, of which 25% will be allocated to AI [1][4] Group 5: Advertising and Services - Service revenue reached 9.1 billion yuan, a year-on-year increase of 13%, with a gross margin of 76.9% [3] - Advertising revenue was 6.6 billion yuan, up 20% year-on-year, contributing to the overall service revenue growth [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [7][18]. Core Views - Xiaomi Group's Q1 2025 revenue and adjusted net profit reached new highs, with revenue of 111.3 billion RMB, a year-on-year increase of 47%, and adjusted profit of 10.7 billion RMB, a year-on-year increase of 65% [7]. - The growth was primarily driven by the IoT business and improved gross margins, with electric vehicle margins exceeding expectations [7]. - The management reiterated its commitment to deepening core technologies, with a 2025 R&D expense guidance of 30 billion RMB, of which one-quarter will be allocated to AI [7]. - The smartphone segment saw a 40% increase in shipments in China, regaining the top market share with a 18.8% share [7]. - IoT revenue reached 32.3 billion RMB, a year-on-year increase of 59%, with a gross margin of 25.2% [7]. - Advertising revenue continued to grow, contributing to a service gross margin of 76.9% [7]. - The electric vehicle segment reported a revenue of 18.6 billion RMB with a significant reduction in operating losses [7]. - The report adjusts revenue forecasts for 2025-2027 upwards, reflecting strong performance in core categories and the upcoming launch of new EV models [7]. Financial Summary - Revenue projections for 2023 to 2027 are as follows: 271 billion RMB (2023), 366 billion RMB (2024), 484 billion RMB (2025E), 581 billion RMB (2026E), and 689 billion RMB (2027E) [2][9]. - Adjusted net profit is projected to grow from 193 billion RMB in 2023 to 586 billion RMB in 2027 [2][9]. - The gross margin is expected to improve from 21.2% in 2023 to 23.2% in 2027 [8].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The report highlights strong performance across various business segments, particularly in IoT and automotive sectors, which are expected to continue enhancing earnings [1][9] - The company achieved record high revenue and net profit in Q1 2025, with revenue reaching 111.29 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit of 10.68 billion yuan, up 64.5% year-on-year [9] - The automotive segment shows promising growth with revenue of 18.58 billion yuan in Q1 2025, a quarter-on-quarter increase of 11.5%, and a narrowing loss of 500 million yuan [9] - Xiaomi's smartphone market share has returned to first place in China, with a year-on-year increase of 4.7% to 18.8% [9] - The IoT segment reported revenue of 32.34 billion yuan, a year-on-year increase of 58.7%, driven by strong sales in home appliances and tablets [9] Financial Projections - The report provides financial forecasts indicating total revenue growth from 365.91 billion yuan in 2024 to 726.72 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.64% [1][10] - Net profit is projected to increase from 23.66 billion yuan in 2024 to 65.94 billion yuan in 2027, reflecting a significant growth trajectory [1][10] - The report anticipates a steady improvement in earnings per share (EPS), rising from 0.91 yuan in 2024 to 2.54 yuan in 2027 [1][10]

Investment Rating - The report maintains an "Accumulate" rating for Xiaomi Group-W (1810.HK) as of May 29, 2025 [1][10]. Core Insights - Xiaomi Group achieved record highs in revenue and profit for Q1 2025, with revenue approximately 111.3 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit around 10.7 billion yuan, up 64.5% [5][6]. Summary by Sections Recent Performance - In Q1 2025, Xiaomi's global smartphone shipments reached 40 million units, marking seven consecutive quarters of year-on-year growth. The company also delivered 75,869 units of the Xiaomi SU7 series vehicles [6]. Market Position - Xiaomi's smartphone business generated approximately 50.6 billion yuan in revenue, reflecting a year-on-year growth of 8.9%. The company's global smartphone market share stood at 14.1%, maintaining a top-three position for the 19th consecutive quarter [6][7]. Product Development - The revenue from smart home appliances surged by 113.8% year-on-year in Q1 2025, with significant increases in air conditioner, refrigerator, and washing machine shipments [7]. Automotive Expansion - The smart electric vehicle segment generated 18.1 billion yuan in revenue, with 75,869 units of the Xiaomi SU7 series delivered. The company has opened 235 automotive sales stores across 65 cities in mainland China as of March 31, 2025 [7]. Internet Services Growth - Internet revenue reached 9.1 billion yuan in Q1 2025, a year-on-year increase of 12.8%, with a gross margin of 76.9%, up 2.7 percentage points. The global monthly active user count reached 719 million, a 9.2% increase year-on-year [7][8]. Financial Projections - The report projects revenues of 484.5 billion yuan, 682.9 billion yuan, and 901.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 44.5 billion yuan, 59.7 billion yuan, and 84.4 billion yuan for the same years. The corresponding P/E ratios are expected to be 27.7x, 20.6x, and 14.6x [9][10].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [6] Core Views - Xiaomi Group achieved a record high quarterly revenue of 111.3 billion RMB in Q1 2025, representing a year-on-year growth of 47.4% and a Non-IFRS net profit of 10.7 billion RMB, up 64.5% year-on-year, with a net profit margin of 9.6% [1][5] Summary by Sections Smartphone Business - In Q1 2025, Xiaomi's smartphone shipments reached 41.8 million units globally, a 3% year-on-year increase, with a market share of 18.8% in China, up 4.7 percentage points year-on-year, marking a return to the top position in the domestic market [2] - The average selling price (ASP) of Xiaomi smartphones increased to 1211 RMB, reflecting a 5.8% year-on-year and 0.7% quarter-on-quarter growth, driven by government subsidies and a higher proportion of high-ASP domestic shipments [2] - The gross margin for the smartphone business improved to 12.4%, up from 12.0% in Q4 2024, primarily due to an improved product mix in overseas markets [2] IoT and Internet Services - IoT revenue reached 32.3 billion RMB in Q1 2025, with a remarkable year-on-year growth of 59%, driven by a 113.8% increase in smart home appliance revenue [3] - Internet services revenue grew by 13% year-on-year to 9.1 billion RMB, with advertising revenue increasing by 20%, contributing to the overall growth of the internet business [3] Automotive and AI Innovations - The newly integrated "Smart Electric Vehicles and AI Innovations" business generated 18.6 billion RMB in revenue in Q1 2025, with a gross margin of 23.2% [4] - The delivery volume of Xiaomi's vehicles increased to 75,869 units, an 8.9% quarter-on-quarter rise, with the ASP of vehicles rising to 238,000 RMB [4] Profit Forecast and Valuation - The report raises the Non-IFRS net profit forecasts for 2025 and 2026 to 46.4 billion RMB and 65.6 billion RMB, respectively, with a new forecast for 2027 set at 84.9 billion RMB [5] - The projected revenue for 2025 is 492.9 billion RMB, with a growth rate of 34.7% [9]

公司研究 2025 年 5 月 29 日 智能手机出货份额重回国内第一，单季营收&经调整净利润再创新高 ——小米集团（1810.HK）2025 年一季度业绩点评 要点 事件：公司发布 1Q25 业绩，实现收入 1113 亿元，同比增长 47.4%，创下 单季度历史新高并连续两个季度营收超千亿元；Non-IFRS 净利润达 107 亿 元，同比增长 64.5%，净利率提升至 9.6%，盈利能力显著改善。 1Q25 小米手机出货连续 19 个季度稳居全球前三，国内市场高端机出货占比 提升至 25%。1)出货量方面， 1Q25 小米手机全球出货同比增长 3%至 4180 万台，其中中国市场表现亮眼，1Q25 小米在中国大陆出货市占率 18.8%， 同比提升 4.7pct、时隔十年重回第一，中国出货同比增速 40%，远超行业增 速（1Q25 中国智能手机市场出货 yoy+5%）2)ASP 方面， 1Q25 小米手机 ASP 提升至 1211 元，yoy+5.8%/qoq+0.7%，主要受益于国补+高 ASP 的国 内出货占比提升。3)毛利率方面，1Q25 手机业务毛利率 12.4%，较 4Q24 的 12.0%环比提 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][23]. Core Viewpoints - Xiaomi has launched its self-developed "Xuanjie O1" chip, enhancing its "Human-Vehicle-Home" ecosystem. The company plans to invest an additional 200 billion yuan in core technology research and development from 2026 to 2030 [2][21]. - The company is expected to see significant growth in revenue and net profit, with projections of 309.48 billion yuan, 400.08 billion yuan, and 501.72 billion yuan in net profit for 2025, 2026, and 2027 respectively [23]. Summary by Relevant Sections Financial Indicators - Revenue (million yuan): 270,970.14 in 2023, projected to reach 673,424.43 by 2027, with a CAGR of 16.89% [1]. - Net profit (million yuan): 17,475.17 in 2023, expected to grow to 50,172.45 by 2027, reflecting a growth rate of 25.40% [1]. - ROE: Expected to increase from 10.66% in 2023 to 16.19% in 2027 [1]. - EPS: Projected to rise from 0.67 yuan in 2023 to 1.93 yuan in 2027 [1]. Product Launches and Innovations - The "Xuanjie O1" chip is a significant milestone, utilizing a second-generation 3nm process and featuring a 10-core CPU and a 16-core GPU [11][12]. - The Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 were launched, all equipped with the new chip, showcasing advancements in technology and design [2][11]. - The high-performance SUV, Xiaomi YU7, was introduced, featuring impressive specifications such as a maximum horsepower of 690PS and a 0-100 km/h acceleration time of just 3.23 seconds [3][21]. Market Position and Strategy - Xiaomi's smartphone business remains strong, consistently ranking among the top three globally for 19 consecutive quarters. The company is also expanding into the electric vehicle market, which is expected to provide a second growth curve [17][23]. - The report emphasizes the importance of maintaining high R&D investments, totaling 1,020 billion yuan over the past five years, to support product upgrades across its ecosystem [17][21].