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]

Core Viewpoint - Huibo Yuntong (301316.SZ) is making a strategic move to acquire a controlling stake in Baode Computing through a combination of equity and cash, aiming to enhance its capabilities in the AI sector and create a synergistic "soft and hard integration" ecosystem [1][2]. Company Overview - Established in 2009, Huibo Yuntong initially focused on software technology services, particularly mobile intelligent terminal testing, and has since expanded into various fields including digital transformation services and AI solutions [3]. - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2022 and has since engaged in multiple acquisitions to strengthen its position in the financial technology sector [4]. Recent Financial Performance - In 2024, Huibo Yuntong's revenue reached 1.743 billion yuan, marking a 28% year-on-year increase, while its net profit after non-recurring items was 70.24 million yuan, indicating a need for improved profitability [10]. - The financial technology segment has become a significant growth driver, with revenue from this sector reaching 465 million yuan in 2024, up 35.62% year-on-year, accounting for 26.66% of total revenue [5]. Acquisition Details - The acquisition of Baode Computing involves purchasing 67.91% of its shares from 59 transaction parties, with the remaining shares held by Baode's current major shareholders [2]. - The deal is seen as a critical step for Huibo Yuntong to establish a "soft and hard integration" solution, enhancing its technological capabilities in AI hardware and software [8][9]. Market Position and Strategy - Baode Computing, founded in 1997, has established itself in the server market, particularly in the AI sector, ranking third in the Ascend series and fourth in the Kunpeng series of servers in 2024 [7]. - The acquisition is expected to create a comprehensive solution combining computing power, algorithms, and application scenarios, positioning Huibo Yuntong competitively in the market [8]. Challenges and Risks - Baode Computing faces unresolved issues related to a betting agreement and administrative penalties against its former chairman and board members, which could complicate the acquisition process and integration efforts [15][16]. - The ongoing challenges in Baode's IPO process, including overlapping business scopes and the need for further verification of related party transactions, may impact the overall success of the acquisition [14][15].

近年来，国产手机持续深耕人工智能、影像、续航等能力，提升竞争力。在早期发展阶段，国产手机主 要通过提升硬件参数来增强影像能力，比如高像素、多摄配置等。当单纯的硬件堆砌无法满足消费者对 手机影像日益增长的需求时，软件算法与硬件的深度融合成为必然趋势，国产手机又开启了"软硬协 同"的发展路径。 当前，国产手机影像进入爆发期，掌握核心技术成为关键。其中，自研影像芯片的出现，是国产手机在 影像领域的重大突破。通过自主研发影像芯片，国产手机厂商能更好实现芯片与手机其他硬件和软件的 协同，大幅提高影像处理的效率和质量。 在日前举办的国新办新闻发布会上，工业和信息化部信息通信发展司司长谢存介绍，在补贴政策、AI 终端等拉动下，我国消费者对电子产品的消费热情走高，带动电子整机生产和销售加快。1-2月5G手机 出货量4161.9万部，同比增长7.6%，国产品牌手机尤其受消费者青睐，出货量占比85%。 中国信息通信研究院数据显示，今年2月，国产品牌手机出货量1702.4万部，同比增长43.8%，在同期手 机出货量中占比86.6%；国产品牌上市新机型13款，同比下降38.1%，在同期手机上市新机型数量中占 比100%。智能手机出货 ...