Core Insights - WISeKey's WISe.ART 3.0 is one of the world's first and largest Web3 marketplaces for digital art, NFTs, and crypto collectibles, showcasing Faben's MLove at NFC Lisbon [2] - Since its launch in 2021, WISe.ART has led numerous pioneering NFT projects, emphasizing trusted digital identity, robust cybersecurity, and environmental consciousness [3] - WISe.ART ensures secure digital identity and compliance with international standards, making it a trusted platform for institutional and philanthropic NFT use cases [4] Company Overview - WISeKey International Holding Ltd is a global leader in cybersecurity, digital identity, and IoT solutions, operating through several subsidiaries focused on specific technology areas [10][11] - The WISe.ART platform redefines the digital art experience by providing a secure, traceable, and intelligent environment for trading and authenticating digital assets, empowering creators worldwide [6] Project Highlights - Faben's holograms are part of a significant project that includes NFTs, NFCs, physical pieces, and an AI community-building app aimed at promoting global beauty and peace [5] - The holograms will be identifiable with WISeKEY chips and linked to their respective NFTs on the WISe.ART blockchain, with a complete NFT collection set to drop in July during ARTMONACO week [8] Event Information - NFC Summit is an annual event where the creative economy intersects with Web3, featuring live performances, conferences, and exhibitions, gathering major web3 players, investors, and media [9]

Core Insights - In Q1 2025, the company's revenue reached 111.3 billion yuan, a year-on-year increase of 47%, with adjusted net profit at 10.7 billion yuan, up 64%, marking a historical high [1] - Gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a historical high [1] Smartphone Business - Smartphone revenue in Q1 2025 was 50.6 billion yuan, a 9% year-on-year increase, with a gross margin of 12.4% [1] - Global smartphone shipments increased by 3% to 41.8 million units, capturing a market share of 14.1%, ranking among the top three globally [1] - In mainland China, market share increased by 4.7 percentage points to 18.8%, reclaiming the top position in shipments after ten years [1] - The high-end strategy showed significant results, with high-end models accounting for 25.0% of total sales, up 3.3 percentage points year-on-year [1] - The company launched the new flagship model 15S Pro in May 2025, featuring the self-developed Xuanjie O1 chip [1] IoT and Consumer Products - Revenue from IoT and consumer products reached 32.3 billion yuan in Q1 2025, a 59% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points [1] Other Business Segments - Tablet shipments increased by 56%, and revenue from smart home appliances surged by 114% in Q1 2025 [2] - As of March 31, 2025, the company's AIoT platform connected approximately 940 million IoT devices (excluding smartphones, tablets, and laptops), a 20% year-on-year growth [2] - Internet services revenue reached 9.1 billion yuan in Q1 2025, a 13% year-on-year increase, with a gross margin of 76.9%, up 2.7 percentage points [2] - Monthly active users globally reached 720 million, a 9% year-on-year increase, with smart TV users at 73 million, up 8% [2] Automotive Business - Revenue from smart electric vehicles and AI-related businesses was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The SU7 series delivered 75,900 new vehicles in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company introduced its first luxury high-performance SUV, the YU7, in May 2025, set to launch in July [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share of 1.35, 1.82, and 2.27 yuan for 2025-2027, adjusting previous estimates due to revenue and margin updates [2] - Maintaining a comparable company PE valuation of 38 times for 2026, the target price is set at 75.52 HKD, with a buy rating [2]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating improved profitability and operational efficiency [2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, marking a record high for a single quarter and surpassing 100 billion yuan for two consecutive quarters [2]. - The Non-IFRS net profit reached 10.7 billion yuan, up 64.5% year-on-year, with a net profit margin of 9.6%, reflecting a notable improvement in profitability [2]. Group 2: Smartphone Business - The company maintained its position among the top three global smartphone manufacturers for 19 consecutive quarters, with Q1 2025 smartphone shipments increasing by 3% year-on-year to 41.8 million units [3]. - In the domestic market, the high-end smartphone shipment proportion rose to 25%, with a market share of 18.8% in mainland China, a year-on-year increase of 4.7 percentage points, marking a return to the top position after ten years [3]. - The average selling price (ASP) of smartphones increased to 1,211 yuan, up 5.8% year-on-year and 0.7% quarter-on-quarter, driven by government subsidies and a higher proportion of high-ASP domestic shipments [3]. - The gross margin for the smartphone business was 12.4%, a slight increase from 12.0% in Q4 2024, primarily due to improvements in the product mix in overseas markets [3]. Group 3: IoT and Internet Business - The IoT business generated revenue of 32.3 billion yuan in Q1 2025, with a remarkable year-on-year growth rate of 59%, and the revenue from smart home appliances surged by 113.8% [4]. - Air conditioner shipments increased by over 65% to more than 1.1 million units, refrigerator shipments also rose by over 65% to more than 880,000 units, and washing machine shipments more than doubled to 740,000 units [4]. - The internet services revenue grew by 13% year-on-year to 9.1 billion yuan, with advertising revenue increasing by 20%, contributing to the overall growth of the internet business [4]. - The number of monthly active users (MAU) for the company's internet services reached 720 million globally and 180 million in mainland China, both hitting historical highs [4]. Group 4: Automotive and AI Business - In Q1 2025, the company rebranded its automotive business to include AI, generating revenue of 18.6 billion yuan, with a gross margin of 23.2% [5]. - The number of vehicle deliveries increased by 8.9% from Q4 2024 to 75,869 units, with the ASP rising from 234,000 yuan in Q4 2024 to 238,000 yuan in Q1 2025 [5]. - The company plans to launch the YU7 series, a luxury high-performance SUV, in July 2025, featuring advanced technology and long-range capabilities [5].

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]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [1][6] Core Views - The company achieved record high performance in Q1 2025, with revenue of 111.3 billion yuan, a year-on-year increase of 47.4% and a quarter-on-quarter increase of 2.1% [1][5] - Adjusted net profit reached 10.68 billion yuan, marking a year-on-year increase of 64.5% and a quarter-on-quarter increase of 28.4%, surpassing the 10 billion yuan mark for the first time [1][5] - The company is focused on its "New Decade Goals," with significant investments in core technologies, reporting R&D expenses of 6.7 billion yuan in Q1 2025, a year-on-year increase of 30.1% [5][6] Summary by Sections Financial Performance - Q1 2025 revenue was 111.3 billion yuan, with a gross margin of 22.8%, a historical high [5] - The company reported a net profit of 10.68 billion yuan, with a gross margin increase of 0.5 percentage points year-on-year [5] Mobile Business - Revenue from the mobile segment was 50.6 billion yuan, with a year-on-year increase of 8.9% [5] - The average selling price (ASP) of smartphones reached 1,211 yuan, a historical high, driven by increased domestic sales [5] IoT Business - IoT revenue was 32.3 billion yuan, a year-on-year increase of 58.7% [5] - The gross margin for IoT products was 25.2%, reflecting strong growth in smart home appliances [5] Internet Services - Internet services revenue was 9.1 billion yuan, with a year-on-year increase of 12.8% [5] - The gross margin for internet services improved to 76.9% [5] Automotive Business - Revenue from the automotive segment was 18.6 billion yuan, with a gross margin of 23.2% [5] - The company delivered 76,000 units of its electric vehicles in Q1 2025, with expectations for continued growth following the launch of the YU7 model [5][6] Future Outlook - The report projects total revenue for 2025, 2026, and 2027 to be 519.1 billion yuan, 706.7 billion yuan, and 907.5 billion yuan respectively, with adjusted net profits of 45.8 billion yuan, 67.7 billion yuan, and 92.6 billion yuan [6][7]

Core Viewpoint - Xiaomi Group reported a strong performance in Q1 2025, with revenue reaching 111.3 billion yuan, a year-on-year increase of 47.4%, and adjusted net profit exceeding 10.7 billion yuan, up 64.5%, surpassing market expectations [2] Group 1: Financial Performance - Revenue from the core business of smartphones and AIoT was 92.7 billion yuan, a year-on-year increase of 22.8% [2] - Smartphone revenue was 50.6 billion yuan, reflecting an 8.9% year-on-year growth [2] - IoT and lifestyle product revenue reached 32.3 billion yuan, a significant increase of 58.7%, marking a historical high [2] - Internet services revenue was 9.1 billion yuan, up 12.8% year-on-year, with a gross margin of 76.9% [4] Group 2: Market Position - Xiaomi's smartphone shipment in mainland China ranked first for the first time in ten years, with a market share of 18.8%, up 4.7 percentage points year-on-year [3] - Globally, Xiaomi maintained a top-three position for 19 consecutive quarters, with a market share of 14.1% [3] Group 3: Innovation and Growth - Revenue from smart electric vehicles and AI-related businesses reached 18.6 billion yuan, with the SU7 series delivering 75,869 units in Q1 [3] - The SU7 series has cumulatively delivered over 258,000 units as of May 21, 2025, with a target of 350,000 units for the year [3] - R&D investment increased by 30.1% to 6.7 billion yuan, with a total expected investment of 30 billion yuan for the year [4][5]

Core Insights - SEALCOIN AG, a subsidiary of WISeKey, is advancing towards its token launch with significant milestones in decentralized IoT transactions [1][5] - The latest version of the SEALCOIN WhitePaper introduces an upgraded tokenomics model aimed at enhancing utility and governance for the upcoming TIOT token [2] - The Minimum Viable Product (MVP) of the SEALCOIN platform has been launched and is currently in beta testing, allowing real-time peer-to-peer device transactions [3] - A successful device-to-device transaction over satellite was completed in April 2025, demonstrating SEALCOIN's capability for secure microtransactions in off-grid environments [4] Company Overview - SEALCOIN is designed to enable scalable transactional IoT by embedding secure payment and authentication capabilities into IoT devices [6] - WISeKey operates as a Swiss-based holding company with several subsidiaries focusing on various technology aspects, including cybersecurity, digital identity, and IoT solutions [8] - WISeKey has deployed over 1.6 billion microchips across various IoT sectors, playing a crucial role in securing the Internet of Everything [9] Use Cases - Key use cases for SEALCOIN include energy trading, Device-as-a-Service (DaaS), smart home automation, and a data marketplace for secure IoT data exchange [7]

Core Viewpoint - WISeKey has launched WISe.ART 3.0, a significant Web3 marketplace for digital art, NFTs, and crypto collectibles, enhancing the trading and authentication of digital assets [1][2]. Group 1: Key Features of WISe.ART 3.0 - The platform supports native Web3 integration, allowing users to connect their Metamask or Walletconnect wallets securely [5]. - A complete overhaul of the platform's structure enables multi-device support, making it accessible on desktops, tablets, and mobile devices [5]. - WISe.ART NFTs are linked to physical objects, ensuring authenticity and provenance [5]. - Artists can utilize smart contracts for automated royalty structures and monetization strategies [5]. - Advanced cybersecurity measures and post-quantum resilience protect transactions and interactions on the platform [5]. - Crossmint integration allows users to purchase NFTs using credit/debit cards and other fiat currencies, facilitating easier access to digital art [5][8]. Group 2: Social Impact and Collaborations - WISe.ART has partnered with ONUART and the UN for NFT auctions aimed at funding school-building initiatives in Africa, blending philanthropy with digital innovation [5]. - The platform has supported social causes through limited-edition NFT drops, such as the one for the Antonio Banderas Foundation [5]. Group 3: Market Position and Future Outlook - WISe.ART 3.0 aims to democratize digital expression, enabling a broader audience to create and monetize their artistic visions [7]. - A new physical space in Geneva will showcase digital works, bridging historical and modern technologies [7]. - The platform is designed to facilitate easy access to digital art, allowing purchases without the need for cryptocurrency [8].

Core Viewpoint - Lantronix Inc. has appointed Dr. Sailesh Chittipeddi as an independent director to its Board of Directors, effective May 6, 2025, enhancing the board's expertise in technology and supply chain management [1][2]. Company Overview - Lantronix Inc. is a global leader in compute and connectivity IoT solutions, focusing on high-growth markets such as Smart Cities, Enterprise, and Transportation [8]. - The company provides customizable solutions that enable AI Edge Intelligence, including Intelligent Substations infrastructure, Infotainment systems, and Video Surveillance [8]. Board Appointment Details - Dr. Chittipeddi's appointment increases the board to five directors, with four being independent under Nasdaq listing standards [1]. - He brings extensive experience in Industrial, IoT, and Infrastructure businesses, having previously served as executive vice president of Global Operations at Renesas Electronics [2][5]. - His leadership at Renesas resulted in nearly doubling the revenue of its Industrial, IoT, and Infrastructure Business Unit to over $7 billion [5]. Dr. Chittipeddi's Background - Dr. Chittipeddi has held senior positions at various leading technology companies, including Conexant Systems, AT&T Bell Labs, and Lucent Technologies [6]. - He is currently a Venture Partner at Novo Tellus Capital Partners and serves on the boards of several global companies [2][6]. - He holds an MBA from the University of Texas at Austin and a Ph.D. in Physics from The Ohio State University, along with 83 U.S. semiconductor process, package, and design patents [7].

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 ...