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]

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]

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]

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 with a target price of HK$70.00, indicating a potential upside of 36% from the current price of HK$51.55 [3][12][18]. Core Insights - Xiaomi's 1Q25 performance exceeded expectations, with revenue and adjusted net profit reaching RMB 111.2 billion and RMB 10.6 billion, respectively, surpassing forecasts by 3% and 5% [10]. - The smartphone segment showed a 3% year-on-year sales growth, with high-end models accounting for 25% of shipments in China [10]. - The IoT segment experienced a significant revenue increase of 59% year-on-year, driven by a doubling of revenue from IoT home appliances and a 65% increase in sales volume [10]. - The electric vehicle (EV) and AI business generated RMB 18.6 billion in revenue, with a gross margin of 23.2%, higher than the forecasted 20.8% [10]. - Overall gross margin reached 22.8%, the highest since 2017, attributed to improved operational efficiency and increased investment income [10]. Financial Projections - Revenue for 2025 is projected at RMB 481.3 billion, reflecting a 32% year-on-year growth, with adjusted net profit expected to reach RMB 41.9 billion, an 82% increase [16][20]. - The report anticipates a cautious outlook for smartphone shipment growth, projecting a 3% increase in 2025, with price increases being a key growth driver [11]. - Adjusted EPS for 2025 is forecasted to be RMB 1.64, up from RMB 1.57, representing a 5% increase [4][16]. Valuation - The target P/E ratio for 2026 has been adjusted down to 28.5 times adjusted net profit, reflecting ongoing macroeconomic uncertainties [17]. - The valuation remains at an 8% premium compared to Apple's current P/E ratio, based on stronger growth prospects for Xiaomi [17][18].

Investment Rating - The report maintains a "Buy" rating for the company [8] - The target price is set at HKD 71.20 [8][9] Core Insights - The company's revenue for Q1 2025 reached a historical high of RMB 111.3 billion, with a year-on-year growth of 47% [1] - Adjusted operating profit increased by 114% year-on-year to RMB 9.96 billion [1] - The IoT and automotive business showed strong gross margins, with the smartphone ASP reaching a record high [1] - The launch of self-developed chips is seen as a significant step for the brand in expanding its ecosystem [1] Summary by Sections IoT and Consumer Products - In Q1 2025, IoT and consumer products revenue grew by 58.7% year-on-year to RMB 32.3 billion, with a gross margin of 25.2% [2] - The growth is attributed to the rapid expansion of large home appliances, which saw a revenue increase of 113.8% year-on-year [2] - The forecast for the IoT business is a 24% year-on-year revenue growth in 2025, with an adjusted gross margin prediction of 23.8% [2] Automotive Business - The automotive division reported a gross margin of 23.2%, exceeding previous forecasts [3] - The company delivered 75,869 units of the SU7 series in Q1, although the division incurred an operating loss of RMB 500 million [3] - The first SUV, YU7, is expected to launch in July 2025, with consumer feedback being a key focus [3] Smartphone Business - The smartphone ASP for Q1 2025 was RMB 1,211, marking a 5.8% year-on-year increase [4] - The smartphone business maintained a gross margin of 12.4%, reflecting stability despite a weak overall market [4] - The introduction of self-developed chips is anticipated to enhance the company's market share in the high-end smartphone segment [4] Financial Projections - The company’s projected revenue for 2025 is RMB 495.1 billion, with a year-on-year growth of 35.3% [7] - The net profit attributable to the parent company is forecasted to reach RMB 40.99 billion in 2025, representing a 50.1% increase [7] - The report adjusts the non-GAAP net profit estimates for 2025-2027 to RMB 41.0 billion, RMB 51.3 billion, and RMB 63.2 billion respectively [5] Valuation Methodology - The target price of HKD 71.20 is based on a sum-of-the-parts (SOTP) valuation method, assuming a long-term exchange rate of HKD to RMB at 0.92 [17] - The valuation reflects a 41x PE ratio for the 2025 forecast [17] - The smartphone and IoT business is valued at HKD 44.9 per share, while the automotive business is valued at HKD 26.3 per share [19]

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 ...