2025-11-12 02:20Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - Company: Xiaomi Corp. (1810.HK) - Market Cap: HK$1.1 trillion / $143.3 billion - Enterprise Value: HK$915.9 billion / $117.8 billion - Current Price: HK$42.98 - Target Price: HK$56.50 - Upside Potential: 31.5% [6][20] Key Points Industry and Market Performance - Singles' Day GMV: Xiaomi reported Rmb29.0 billion GMV during the Singles' Day promotion, a 9% decrease from Rmb31.9 billion last year [1][21] - Smartphone Rankings: Xiaomi ranked No.2 in sales volume and GMV on JD.com, with three models in the top 10 best-sellers [23][27] - Market Share: Xiaomi is gaining volume share in the smartphone segment priced below Rmb3,000 while maintaining leadership in the premium segment with the Xiaomi 17 Pro Max [23][32] Product and Manufacturing Insights - SU7 Pro/Max Delivery Times: The waiting time for SU7 Pro and SU7 Max has been reduced to 6-9 weeks from approximately 30 weeks, indicating improved manufacturing capabilities [1][2] - EV Manufacturing: In October, Xiaomi delivered 48.6k units, including 15.0k SU7 models, reflecting strong demand and capacity utilization [2][20] - Upcoming Product Cycle: A potential new facelift for the SU7 is expected to enhance product offerings into 2026 [19][20] Financial Performance and Projections - Revenue Growth: Projected revenue growth for 2024 is Rmb365.9 billion, increasing to Rmb710.8 billion by 2027 [6][17] - EBITDA Growth: Expected EBITDA growth from Rmb30.8 billion in 2024 to Rmb79.4 billion in 2027 [6][17] - EPS Projections: EPS is projected to grow from Rmb1.07 in 2024 to Rmb2.38 in 2027 [6][17] Strategic Initiatives - Subsidy for Singles' Day: Xiaomi announced a Rmb2 billion subsidy for the 2025 Singles' Day, up from Rmb1.3-1.6 billion in previous years, to stimulate sales [24] - AIoT Sales: Sales pressure was noted in AIoT categories, but personal care devices showed strong growth [23] Risks and Considerations - Market Conditions: The company may face challenges due to a high base from the previous year, impacting year-over-year comparisons [23][32] - Short-term Volatility: While the share price may experience short-term fluctuations, the long-term outlook remains positive [20] Future Watchpoints - Upcoming Results: Anticipation for 3Q25 results in late November [20] - Capacity Expansion: Monitoring progress in EV manufacturing capacity ramp-up [20] - New Product Launches: Filing of new EV models and potential technology events towards the end of 2025 [20] Conclusion Xiaomi Corp. is positioned for growth with a strong product lineup and improved manufacturing capabilities. Despite facing challenges in the current market environment, the long-term outlook remains favorable with strategic initiatives aimed at enhancing sales and market share.