Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 53.00, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the new self-developed chips, the Xiaomi玄戒 O1 and T1, positions the company among the leading flagship chip manufacturers, enhancing its competitive edge in the market [2]. - The company is expected to see substantial revenue growth, with projected revenues of RMB 506.27 billion, RMB 605.21 billion, and RMB 700.89 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 35.71 billion, RMB 45.78 billion, and RMB 59.89 billion for the same years [5][3]. Summary by Sections Product Launch and Achievements - Xiaomi unveiled its new玄戒 O1 and T1 chips and the YU7 SUV series during its 15th-anniversary event, showcasing a range of innovative products [1]. - The玄戒 O1 chip features advanced specifications, including a 3nm process, 19 billion transistors, and a multi-core CPU architecture, achieving over 3 million points on AnTuTu benchmark [2]. Automotive Business - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, and the YU7 series is set to launch in July, featuring impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - The report forecasts significant revenue and profit growth for Xiaomi, with a projected revenue increase of 35% in 2024 and a steady growth trajectory in subsequent years [5][3]. - The expected earnings per share (EPS) are projected to rise from RMB 0.91 in 2024 to RMB 2.31 by 2027, reflecting strong profitability growth [5].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group, indicating a positive outlook for the company's stock performance in the next 12 months [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the Xiaomi玄戒 O1 and T1 chips positions the company among the leading flagship chip manufacturers, with the O1 chip utilizing advanced 3nm technology and achieving over 3 million points in AnTuTu benchmarks [2]. - The company has delivered over 258,000 units of the SU7 series and is set to launch the YU7 series, which features impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - Revenue projections for Xiaomi are as follows: 2025 estimated revenue of 506.27 billion RMB, 2026 at 605.21 billion RMB, and 2027 at 700.89 billion RMB, reflecting growth rates of 38.4%, 19.5%, and 15.8% respectively [5]. - The net profit estimates are projected to be 35.71 billion RMB for 2025, 45.78 billion RMB for 2026, and 59.89 billion RMB for 2027, with corresponding growth rates of 50.9%, 28.2%, and 30.8% [5]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 36 in 2025 to 21 in 2027, indicating an improving valuation as earnings grow [5]. Strategic Developments - Xiaomi's investment in research and development has exceeded 100 billion RMB over the past five years, with an additional 200 billion RMB planned for the next five years, highlighting the company's commitment to innovation [1]. - The successful integration of self-developed chips and the launch of the YU7 series are expected to enhance Xiaomi's high-end smartphone strategy and accelerate growth in its automotive business, which is viewed as a new growth curve for the company [3].

Group 1 - Xiaomi celebrated its 15th anniversary by launching several key products, including the Xuanjie O1 chip, the Xiaomi S15 Pro smartphone, and the Xiaomi Yu7 electric vehicle [1] - The company has invested a total of 102 billion yuan in R&D over the past five years, exceeding its initial plan by 20 billion yuan, with an expected R&D investment of 30 billion yuan this year [1] - Xiaomi plans to double its R&D spending over the next five years, targeting a total of 200 billion yuan [1] Group 2 - Xiaomi's automotive and chip businesses have transitioned from zero to one in the past five years, with the SU7 expected to deliver 137,000 units in 2024, placing it among the top new car manufacturers [3] - The company has committed to a long-term investment plan of at least 50 billion yuan over the next ten years for its chip development, despite experiencing a decline in performance in 2022 [3] - Xiaomi has invested over 13.5 billion yuan in the Xuanjie chip development over the past four years, with a team of more than 2,500 people [5] Group 3 - The Xuanjie O1 chip utilizes a 3nm process technology, similar to Apple's latest A18 chip, although Xiaomi acknowledges that its performance still lags behind Apple's [7] - The Xiaomi Yu7 is positioned as a luxury high-performance SUV and is the company's first SUV model [7] - Xiaomi has not disclosed the price or pre-order information for the Yu7, suggesting it may be priced competitively with the SU7 [9]

Core Viewpoint - Xiaomi celebrates its 15th anniversary with a strategic product launch, showcasing advancements in its ecosystem and technology, including the introduction of the new Xuanjie O1 processor and various products like the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [1][3]. Group 1: Product Launch and Features - The Xiaomi 15S Pro features two versions priced at 5499 yuan for 16GB+512GB and 5999 yuan for 16GB+1TB [5]. - The Xiaomi Pad 7 Ultra is priced starting at 5699 yuan and is touted as Xiaomi's best tablet to date, equipped with PC-level professional software and a full-size floating keyboard [5]. - The Xiaomi Watch S4 15th Anniversary Edition is priced at 1299 yuan and includes the Xuanjie T1 long-lasting 4G smartwatch chip [6]. Group 2: Technological Advancements - The Xuanjie O1 processor is built on a second-generation 3nm process with 19 billion transistors and a die area of only 109mm², achieving a lab score exceeding 3 million [3]. - Xiaomi aims to compete with Apple’s chips, claiming that its GPU has already surpassed the performance of Apple's A18 Pro in several aspects [3]. - The company has invested 13.5 billion yuan in the development of the Xuanjie series as of April 2025, marking a significant commitment to its chip development journey [3]. Group 3: Strategic Vision and Investment - Xiaomi's chairman, Lei Jun, announced a commitment to invest an additional 200 billion yuan in R&D over the next five years, emphasizing the company's ambition to solidify its position as a comprehensive technology ecosystem provider [1]. - The company has successfully transitioned from 0 to 1 in various sectors, including automotive, chips, and smart factories, completing its "people, vehicles, and home ecosystem" strategy [1].

点击 关注我们 报告发布日期：2025年3月21日 报告名称:《 小米集团-W（01810.HK）-2024年营收利润创历史新高，人车家全生态战略全面落地 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年业绩超预期，营收利润大幅增长 2024年公司总营收3659亿元（YoY +35%），经调整净利润272亿元（YoY +41%）。其中，4Q24营收1090亿元 （YoY +49%，QoQ +18%），经调整净利润83亿元（YoY +69%，QoQ +33%）。2024年公司总营收及净利润 实现高速增长，均创历史新高。分业务看，2024年智能手机、IoT与生活消费产品、互联网服务、智能电动汽 车业务营收占比分别为52%/29%/9%/9%。2020-2030公司新十年目标大规模投入底层核心技术，致力于成为新 一代全球硬核科技引领者，2024年公司研发支出 ...

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6] Core Views - The report highlights that Xiaomi achieved record high revenue and profit in 2024, with total revenue reaching 365.9 billion yuan (YoY +35%) and adjusted net profit of 27.2 billion yuan (YoY +41%) [1][4] - The company's strategy of integrating vehicles, home, and technology is fully implemented, contributing to significant growth across various business segments [1][4] - The report emphasizes the successful high-end strategy in the smartphone segment, with revenue of 191.8 billion yuan (YoY +22%) and an average selling price (ASP) reaching a historical high of 1,138 yuan [2] Summary by Sections Revenue and Profit Growth - In 2024, Xiaomi's total revenue was 365.9 billion yuan, with a significant increase in Q4 revenue to 109 billion yuan (YoY +49%, QoQ +18%) and adjusted net profit of 83 billion yuan (YoY +69%, QoQ +33%) [1] - The revenue breakdown for 2024 shows smartphones at 52%, IoT and lifestyle products at 29%, internet services at 9%, and smart electric vehicles at 9% [1] Smartphone Business - The smartphone business saw a revenue increase to 191.8 billion yuan, with a gross margin of 12.6% and a 5.2% increase in ASP [2] - Xiaomi's smartphone shipments reached 170 million units, a 16% increase, capturing 14% of the global smartphone market [2] Smart Electric Vehicles - Revenue from smart electric vehicles reached 32.8 billion yuan, with a gross margin of 18.5% [2] - The company plans to deliver 350,000 vehicles in 2025, up from 137,000 in 2024, indicating a strong growth trajectory [2] IoT and Internet Services - IoT business revenue reached 104.1 billion yuan (YoY +30%) with a gross margin of 20.3% [3] - Internet services generated 34.1 billion yuan (YoY +13%) with a high gross margin of 76.6% [3] Financial Forecasts - The report raises profit forecasts for 2025-2027, expecting net profits of 31.6 billion yuan, 42.4 billion yuan, and 60.8 billion yuan respectively, with growth rates of 34%, 34%, and 43% [4][5]