Investment Rating - The report maintains a Buy rating for Xiaomi shares, with a target price of HK$69, down from HK$73, reflecting a long-term growth thesis intact [5][11][28]. Core Insights - Xiaomi is expected to report strong 2Q25 results, with adjusted net profit projected at RMB 10.4 billion, representing a 68% year-over-year increase, despite a slight decline from the previous quarter [2][3]. - The company anticipates total revenue of RMB 114 billion for 2Q25, a 47% year-over-year increase, driven by robust IoT and EV sales [3][9]. - The smartphone segment is expected to remain flat year-over-year, with revenue of RMB 46.3 billion, while IoT revenue is projected to grow by 35% year-over-year to RMB 36 billion [3][8]. - The report highlights upcoming catalysts, including 3Q25 guidance, Phase 2 EV capacity ramp, and new product launches, which could positively impact the stock [11][28]. Revenue and Profitability - Total revenue for 2025 is estimated at RMB 483.5 billion, with adjusted net income expected to reach RMB 44.5 billion, reflecting a 63.3% growth [4][11]. - The gross margin for the overall business is projected to be 22.6% in 2025, with smartphone gross margin narrowing to 11.9% due to competitive pressures [4][8]. - EV sales are expected to contribute approximately RMB 20.7 billion in revenue for 2Q25, with gross margin improving to 24% [9][11]. Market Position and Strategy - Xiaomi's market share in the global smartphone market is reported at 14.5%, with a slight increase in the Chinese market share to 15.1% [8]. - The company is focusing on expanding its IoT and EV segments, with a strong emphasis on product mix and pricing strategies to maintain competitiveness [2][9][28]. - The report indicates a positive outlook for Xiaomi's smartphone business, driven by subsidy-driven demand in China and normalized component costs [28][29].

本文源自：金融界AI电报 中金发表报告，下调小米集团(1810.HK)目标价9%至70港元，对应2025及2026年经调整净利润市盈率 34.4倍及25.1倍，维持"跑赢行业"评级。 中金预期小米第二季经调整净利润同比增64.84%至101.79亿 元，营业额料升32.71%至1179.67亿元，预计手机收入跌1.6%至457.92亿元，考虑拉美等低毛利市场占 比提升及竞争因素，手机毛利率或将同比及环比下降0.6个百分点及0.9个百分点，至11.5%。 中金又预 计IoT收入升36%至363.94亿元，毛利率同比增3.3个百分点至23%，环比下降2.2个百分点，因618大促产 品价格下降及行业竞争加剧。互联网业务收入升11%至91.75亿元；毛利率跌至76%。 至于次季小米SU7 交付量料达8.1万辆，对应收入259.2亿元，毛利率环比升 1个百分点至24.2%。展望下半年随汽车工厂二 期产能释放，YU7量产速度加快，看好汽车交付量持续增长。 ...

其中小米智能手机中国区出货量约1040 万台，同比增长3.4%，市场份额从14.1%增长1pct 至15.1%。我 们预计2Q25 小米手机收入同比持平，受到存储涨价影响，毛利率或环比下滑0.9pct 至11.5%。IoT 业务 方面，看好大家电持续拓展以及618 的正面影响，预计2Q25 小米IoT 销售额或同比增长37%，毛利率或 维持高于22%水平；预计互联网业务或同比增长15%，毛利率维持在75%强劲水平。展望下半年及2026 年，我们认为随着海外存储原厂大幅减少供应，以LPDDR4 为代表的存储价格呈现上涨趋势，或对手 机厂商毛利率造成一定压力，建议关注存储涨价持续性。 盈利预测与估值 机构：华泰证券 考虑到全球手机需求依然偏弱， 下调2025-2027 年营业收入预测0.9%/1.6%/1.2%，下调2025-2027 归母 净利润预测1.3%/1.7%/1.5%至404.5/504.7/622.9 亿元。考虑公司IoT 业务及AI 时代生态价值，给予基于 SOTP 估值法的目标价67.8 港币（前值：71.2 港币，假设远期港币人民币汇率0.92），目标价对应40 倍 2025 年PE。维持"买 ...

机构：招银国际 研究员：Alex NG/Hanqing LI Xiaomi is expected to report 2Q25 results in mid-Aug. We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below consensus estimates, mainly driven by solid smartphone, strong EV demand, robust IoT on China subsidy and stable GPM across all segments. Looking ahead, we stay positive on 1) Smartphone: global share gains to continue, premiumization strategy, and new retail strategy expansion; 2) IoT: ...

Core Viewpoint - Xiaomi Group's stock price fell over 5% to HKD 51.2, marking a new low since June 13, 2023, ahead of its Q2 2025 earnings announcement on August 19, 2023 [1] Group 1: Earnings Forecast - Daiwa forecasts Xiaomi's Q2 2025 smartphone shipments to be slightly below previous estimates, primarily due to a 25% year-on-year decline in the Indian market [1] - Despite achieving a historical high global market share of 15% in Q2 2025, this was at the cost of declining gross margins [1] - Total revenue for Q2 2025 is projected at RMB 112.6 billion, slightly below market expectations, while adjusted net profit is expected to be RMB 10.2 billion, in line with market expectations [1] Group 2: Adjustments and Ratings - Daiwa has revised down its IoT revenue forecast for the second half of 2025, reflecting changes in national subsidy policies [1] - Due to the downward revision of smartphone gross margin forecasts, Daiwa has lowered Xiaomi's earnings per share estimates for 2025-2027 by 2%-7% [1] - The target price has been adjusted from HKD 78 to HKD 72, based on an average P/E ratio of 36 times for 2025-2026, down from 38 times, while maintaining a "Buy" rating [1] Group 3: Risks - Key risks include macroeconomic headwinds and slower-than-expected ramp-up in electric vehicle production capacity [1]

Toronto, Ontario--(Newsfile Corp. - July 22, 2025) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a leading provider of low-power IoT tracking solutions, is pleased to announce the release of a new case study featuring California Freight, a prominent U.S. logistics company specializing in the transport of dairy and other liquid food products. This new case study follows BeWhere's June spotlight on Emergency Medical Services (EMS) and highlights the growing adoption of scalable, real-time ...

Group 1 - The report indicates that the influx of funds into Hong Kong since May has not significantly boosted the stock market, as these funds have primarily flowed into deposits, bond trading, and other areas rather than equities, leading to a negative sentiment shift [1][2] - Investors who previously sold stocks are now considering re-entering the market, believing that a significant downturn in Hong Kong stocks is unlikely, which could create new incremental capital [2][3] - The report suggests that returning investors are likely to favor undervalued stocks rather than high-flying thematic stocks, focusing on those with lower price-to-earnings ratios [2] Group 2 - The report lists a selection of recommended stocks, including Tencent Holdings (market cap: 470.47 billion, 2025 EPS: 22.9), Xiaomi Group (market cap: 152.97 billion, 2025 EPS: 1.5), and others across various sectors [3][8] - Tencent Holdings is highlighted for its strong competitive position in gaming and advertising, with expected EPS growth driven by AI integration and a robust ecosystem [11][12] - Xiaomi Group is noted for its innovative automotive segment and strong performance in the smartphone market, with a focus on high-margin products and AI applications [19][20] - Sunny Optical Technology is recognized for its growth in the automotive sector and advancements in optical technology for smartphones, projecting significant revenue increases [27][28] - Anta Sports is expected to benefit from strong brand performance and strategic acquisitions, enhancing its market position [33][34] - Greentown Service is identified as a quality property management company with strong growth potential and high dividend yields [39][40] - Yuehai Investment is focusing on core water supply operations, with expectations for stable cash flow and high dividends following the divestment of non-core assets [44][45] - Jiufang Zhitu Holdings is positioned for growth in the online investment space, leveraging technology to enhance its service offerings [49][50] - Dashih Holdings is expanding its store network significantly, with a focus on delivery services and menu optimization [56][57] - Far East Pharmaceutical is projected to see rapid growth in its nuclear medicine segment, with several innovative products in the pipeline [62][63] - Haitian International is expected to benefit from domestic upgrades and international expansion, with a focus on high-end markets [68][69] Group 3 - Financial data for the recommended stocks shows projected revenues and net profits for 2025, with Tencent Holdings expected to generate 716.55 billion in revenue and 210.26 billion in net profit [75] - Xiaomi Group is projected to achieve 491.83 billion in revenue and 39.60 billion in net profit for 2025 [75] - Sunny Optical Technology is expected to generate 42.68 billion in revenue and 3.32 billion in net profit in 2025 [75] - Anta Sports is projected to achieve 78.17 billion in revenue and 13.23 billion in net profit for 2025 [75] - Greentown Service is expected to generate 19.98 billion in revenue and 898 million in net profit in 2025 [75] - Yuehai Investment is projected to achieve 18.54 billion in revenue and 4.27 billion in net profit for 2025 [75] - Jiufang Zhitu Holdings is expected to generate 3.58 billion in revenue and 1.29 billion in net profit in 2025 [75] - Dashih Holdings is projected to achieve 5.37 billion in revenue and 129 million in net profit for 2025 [75] - Far East Pharmaceutical is expected to generate 12.20 billion in revenue and 2.08 billion in net profit in 2025 [75] - Haitian International is projected to achieve 18.25 billion in revenue and 3.52 billion in net profit for 2025 [75]

Core Insights - Lantronix Inc. has been awarded the 2025 Industrial IoT Company of the Year by CompassIntel, recognizing its leadership and innovation in the IoT sector [1][2][3] Company Overview - Lantronix is a global leader in compute and connectivity IoT solutions, focusing on high-growth markets such as Smart Cities, Enterprise, and Transportation [5] - The company provides customizable solutions that enable AI Edge Intelligence, including Intelligent Substations infrastructure, Infotainment systems, and Video Surveillance [5] Industry Recognition - The CompassIntel Awards celebrate companies that demonstrate innovation, leadership, and excellence in the mobile, IoT, business tech, and emergency technology industries [2] - Winners are selected by a panel of industry experts, including press, editors, and analysts [2] Leadership Statements - The CEO of Lantronix expressed honor in receiving the award and emphasized the company's commitment to innovation and customer success through advanced IoT technologies [3] - The partnership with Qualcomm and other industry leaders is highlighted as a key factor in delivering groundbreaking IoT solutions [3]

Investment Rating - The report assigns an "Accumulate" rating to Xiaomi Group [1][9]. Core Insights - Xiaomi's FY25Q1 revenue reached 111.3 billion RMB, marking a 47.7% year-on-year increase, with adjusted net profit surpassing 10.7 billion RMB, a 64.5% growth [3][7]. - The company has launched its self-developed 3nm mobile SoC chip, Xuanjie O1, and plans to invest 200 billion RMB in R&D over the next five years [7][9]. - Xiaomi's smartphone revenue in FY25Q1 was 50.6 billion RMB, up 8.9% year-on-year, regaining the top market share in mainland China at 18.8% [7][9]. Financial Summary - Revenue projections for FY2025E-FY2027E are adjusted to 483.5 billion, 602.3 billion, and 715.9 billion RMB respectively, with adjusted net profit forecasts of 42.2 billion, 55.2 billion, and 68.6 billion RMB [3][9]. - The company reported a gross profit of 25.4 billion RMB in FY25Q1, with a gross profit margin of 22.8% [10]. - The adjusted PE ratio for FY2025 is projected at 28.7, reflecting a premium valuation due to Xiaomi's hardware synergy and AI positioning [9][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company held its 2025 Investor Day on June 3, where it discussed its high-end strategy and new retail format, emphasizing that its moat lies in the core of the Xiaomi model. The company will focus on "chips, AI, OS" as the three foundational pillars of hard technology, continuing to deepen its engagement in the underlying hard technology sector. Through the integration of software and hardware, it aims to empower the entire ecosystem of people, vehicles, and homes [4][8] Summary by Relevant Sections Smartphone and Consumer Electronics - According to the company's president, Xiaomi is expected to see a net inflow of over 13 million users in the Chinese market in 2024, with a market share increase of 5.3 percentage points from 2020 to 2024. 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%, up 0.3 percentage points. 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 yuan price range, ranking first [8] IoT Business - In Q1 2025, the company's IoT and lifestyle consumer products business achieved 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 year-on-year. The revenue from major appliances doubled, indicating initial success of the high-end strategy. In smart home appliances, revenue grew by 113.9% year-on-year, with air conditioning shipments exceeding 1.1 million units (up over 65%), refrigerators over 880,000 units (up over 65%), and washing machines over 740,000 units (up over 100%) [8] Automotive Business - The automotive business is gradually narrowing its losses, with a Q1 2025 loss of 500 million yuan, a significant reduction of 50.2% quarter-on-quarter. The company is advancing new model launches, with the YU7 model expected to launch in July. The YU7 is designed to balance aesthetics and performance while offering exceptional value, potentially becoming a bestseller. With the YU7's launch, the automotive business is entering a strong model cycle, and profitability is expected to improve further, with a forecast of achieving profitability in Q3 to Q4 of this year [8] Overall Ecosystem Development - The comprehensive development of Xiaomi's "people, vehicles, and homes" ecosystem, along with steady growth in smartphones and rapid growth in IoT appliances and automotive business, leads to projected net profits of 42.39 billion yuan, 55.75 billion yuan, and 70.08 billion yuan for 2025-2027, respectively, maintaining a "Buy" rating [8]