证券研究报告·海外公司点评·资讯科技器材(HS) 小米集团-W（01810.HK） 2024 年一季报点评：业绩超预期，“人车家” 2024 年 05月 25日 齐头并进 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 李博韦 营业总收入（百万元） 280044 270970 329333 364684 400121 执业证书：S0600123070070 同比(%) (14.78) (3.24) 21.54 10.73 9.72 libw@dwzq.com.cn 归母净利润（百万元） 2474 17475 16130 19692 22578 同比(%) (87.21) 606.34 (7.70) 22.08 14.65 股价走势 EPS-最新摊薄（元/股） 0.10 0.70 0.65 0.79 0.90 小米集团-W 恒生指数 P/E（现价&最新摊薄） 184.59 26.13 28.31 23 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 2024 earnings that exceeded market expectations, achieving revenue of 75.5 billion RMB, a year-on-year increase of 27%, and an adjusted net profit of 6.5 billion RMB, a year-on-year increase of 101%, marking a historical high [2][3] Summary by Sections Mobile Business - In Q1, the mobile business generated revenue of 46.5 billion RMB, a year-on-year increase of 33%, with a gross margin of 14.8%, up 3.6 percentage points year-on-year. The company shipped 40.6 million smartphones, a year-on-year increase of 34%, significantly outperforming the global average growth rate of 9.8%. The market share stood at 13.8%, maintaining a position among the top three globally for fifteen consecutive quarters [3] IoT and Internet Business - The IoT and lifestyle consumer products segment achieved revenue of 20.4 billion RMB in Q1, a year-on-year increase of 21%, with a gross margin of 19.9%, a historical high, up 4.1 percentage points year-on-year. Key categories showed healthy growth, with TWS shipments ranking second globally and first in mainland China. Wearable product shipments in mainland China increased by 70%, while tablet shipments globally rose by 93%, and smart home appliance revenue grew by 46% [4] - The internet business generated revenue of 8 billion RMB in Q1, a historical high, with a year-on-year increase of 15% and a gross margin of 74.2%, up 1.9 percentage points year-on-year. Advertising revenue was 5.5 billion RMB, and gaming revenue was 1.2 billion RMB. The user base continues to expand, with monthly active users reaching a historical high, creating a positive ecosystem with the mobile and IoT businesses [4] Automotive Business - As of April 30, the company had accumulated 88,063 orders for the SU7 model. The target for this year is to ensure the delivery of 100,000 vehicles, with aspirations to deliver 120,000. Starting in June, the company will implement a double-shift system in its factories, aiming to deliver at least 10,000 vehicles that month. The sales network will also be expanded, with plans to cover 46 cities with 219 stores and 86 cities with 143 service centers by the end of the year [5] Earnings Forecast and Investment Rating - The earnings forecast for the company has been adjusted upwards for 2024-2026, with expected net profits of 16.1 billion, 19.7 billion, and 22.6 billion RMB respectively. The latest closing price corresponds to P/E ratios of 28.3, 23.2, and 20.0 for the respective years, maintaining a "Buy" rating [5]

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is maintained as "Buy" [2][3][10] Core Views - The sustained upward momentum in the automotive sector, along with high-end product strategies and export growth, is expected to enhance the long-term outlook for the company [3] - The expansion of the IoT business scale and gross margin has exceeded expectations, while short-term losses in innovative sectors like automotive are anticipated to be lower than market expectations [4][5] - The adjusted net profit forecasts for 2024-2026 are 20.3 billion, 22.7 billion, and 21.9 billion RMB, reflecting year-on-year growth rates of 5.3%, 11.9%, and -3.8% respectively [3][6] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 75.5 billion RMB, a year-on-year increase of 27%, and an adjusted net profit of 6.5 billion RMB, up 100.8% year-on-year [4] - The mobile business generated revenue of 46.5 billion RMB, a 32.9% increase year-on-year, while the IoT business revenue reached 20.4 billion RMB, growing 21% year-on-year [4] - The gross margin for the IoT business improved to 19.9%, up 4.2 percentage points year-on-year, driven by a focus on high-margin products [4] Future Projections - The company expects mobile shipments in 2024 to be between 160 million and 165 million units, with a projected gross margin of 12-13% [5] - IoT business revenue growth is anticipated to slightly exceed 10% in 2024, supported by seasonal demand for home appliances and traditional marketing peaks [5] - The automotive sector's losses are expected to be lower than market forecasts due to sufficient prior orders and faster-than-expected production ramp-up [5] Valuation Metrics - The current stock price of 18.94 HKD corresponds to P/E ratios of 22.4, 20.0, and 20.8 for the years 2024-2026 [3][6] - The projected operating revenue for 2024 is 337.17 billion RMB, with a year-on-year growth of 24.4% [6] - The net profit for 2024 is expected to be 20.3 billion RMB, reflecting a 5.3% increase year-on-year [6]

2024 年 5 月 24 日 CMB 国际全球市场 | 股票研究 | 公司更新 小米 （ 1810 HK ） 第 1 季度利润率强劲 ； SU7 交付目标乐观 小米第 1 季度的收入 / 净利润同比增长 27 ％ / 101 ％，超过了我们 / 普遍的预期，这主要是 由更强的 GPM，改善的收入组合和更好的财务收入推动的。展望未来，小米重申了其对智能 目标价 25.39 港元 手机全球份额增长，新零售战略执行和 EV 出货量交付以及管理层的积极看法。指导目标为每 （ 先前 TP 23.77 港元 ） 年 120 电动汽车交付量 （ 与之前的指导相比，100 ） 。我们相信小米的份额增长势头、 涨 / 跌 34.0% AIoT 销售实力和海外互联网收入将继续推动盈利增长至 FY24E - 25E 。我们将 FY24 - 26E 现价 18.94 港元中国技术 每股收益提高 12 - 16%，以考虑强劲的第一季度业绩，并将基于 SOTP 的 TP 提高至 25.39 亚历克斯 NG 港元。即将到来的催化剂包括 SU7 出货量的进展和智能手机市场份额的增长。 (852) 3900 0881  1Q24 以更好的 ...

M N 24 May 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 1Q24 beat on strong margins; Positive on upbeat SU7 delivery target Target Price HK$25.39 Xiaomi’s 1Q24 revenue/net profit growth of 27%/101% YoY beat our/consensus (Previous TP HK$23.77) estimates, mainly driven by a stronger GPM, improving revenue mix and better Up/Downside 34.0% finance incomes. Looking ahead, Xiaomi reiterated its positive view on Current Price HK$18.94 smartphone global share gains, new ...

Financial Performance - Xiaomi's total revenue for Q1 2024 reached RMB 75.5 billion, a 27.0% year-over-year increase[3] - Adjusted net profit for Q1 2024 was RMB 6.49 billion, a 100.8% year-over-year increase[3] - Total revenue in Q1 2024 was RMB 75.5 billion, a 27.0% YoY increase from RMB 59.5 billion in Q1 2023[14] - Adjusted net profit under non-IFRS measures was RMB 6.49 billion in Q1 2024, compared to RMB 3.23 billion in Q1 2023[13] - Gross profit increased by 45.2% from RMB 11.6 billion in Q1 2023 to RMB 16.8 billion in Q1 2024, with gross margin improving from 19.5% to 22.3%[22] - Adjusted net profit surged 100.8% from RMB 3.2 billion in Q1 2023 to RMB 6.5 billion in Q1 2024[28] - Revenue increased by 3.1% from RMB 73.2 billion in Q4 2023 to RMB 75.5 billion in Q1 2024[30] - Gross profit increased by 7.8% from RMB 15.6 billion in Q4 2023 to RMB 16.8 billion in Q1 2024, with gross margin improving from 21.3% to 22.3%[37] - Profit for the period was RMB 4.2 billion in Q1 2024, compared to RMB 4.7 billion in Q4 2023[44] - Adjusted net profit increased by 32.2% from RMB 4.9 billion in Q4 2023 to RMB 6.5 billion in Q1 2024[44] - Revenue for the three months ended March 31, 2024, increased to RMB 75,506,822 thousand, up 27% from RMB 59,477,134 thousand in the same period last year[60] - Gross profit rose to RMB 16,829,717 thousand, a 45% increase compared to RMB 11,591,567 thousand in 2023[60] - Net profit attributable to the company's owners was RMB 4,182,061 thousand, slightly down from RMB 4,203,839 thousand in the same period last year[60] - Total revenue for the three months ended March 31, 2024, was RMB 75.51 billion, a significant increase from RMB 59.48 billion in the same period last year[67] - Net profit attributable to the company's owners for Q1 2024 was RMB 4,182,061 thousand, slightly down from RMB 4,203,839 thousand in Q1 2023[73] - Diluted earnings per share for Q1 2024 were RMB 0.16, compared to RMB 0.17 in Q1 2023[73] Smartphone Business - Global smartphone shipments in Q1 2024 reached 40.6 million units, a 33.7% year-over-year increase[4] - Xiaomi's global smartphone market share in Q1 2024 was 13.8%, maintaining its position in the top three globally[4] - Xiaomi's smartphone business revenue in Q1 2024 was RMB 46.5 billion, a 32.9% year-over-year increase[7] - Xiaomi's market share in the RMB 5,000–6,000 price segment in mainland China reached 10.1%, a 5.8 percentage point year-over-year increase[7] - Smartphone segment revenue increased by 32.9% from RMB 35.0 billion in Q1 2023 to RMB 46.5 billion in Q1 2024, driven by a 33.7% increase in smartphone shipments to 40.6 million units[16] - Smartphone segment gross margin improved from 11.2% in Q1 2023 to 14.8% in Q1 2024 due to product mix optimization and lower core component costs[22] - Smartphone revenue grew by 5.1% from RMB 44.2 billion in Q4 2023 to RMB 46.5 billion in Q1 2024, driven by a 4.9% increase in ASP to RMB 1,144.7 per unit[31] - Smartphone gross margin decreased from 16.4% in Q4 2023 to 14.8% in Q1 2024 due to higher core component costs and inventory provisions[37] - Smartphone segment revenue increased to RMB 46.48 billion, up from RMB 34.98 billion in the same period last year[67] - Gross profit for the smartphone segment was RMB 6.88 billion, up from RMB 3.93 billion in the previous year[67] IoT and Lifestyle Products - The number of connected IoT devices (excluding smartphones, tablets, and laptops) reached 786.1 million, a 27.2% year-over-year increase[4] - IoT and lifestyle products revenue reached RMB 20.4 billion in Q1 2024, a 21.0% YoY increase, with a segment gross margin of 19.9%, up 4.1 percentage points YoY[8] - IoT and lifestyle products revenue grew by 21.0% from RMB 16.8 billion in Q1 2023 to RMB 20.4 billion in Q1 2024, with tablet revenue surging 70.5% due to a 92.6% increase in global tablet shipments[17] - IoT and lifestyle products revenue slightly increased by 0.1% from RMB 20.3 billion in Q4 2023 to RMB 20.4 billion in Q1 2024, with tablet revenue up 16.6%[32] - IoT and lifestyle products gross margin improved from 13.9% in Q4 2023 to 19.9% in Q1 2024, driven by higher-margin product sales[37] - IoT and lifestyle products segment revenue grew to RMB 20.37 billion, compared to RMB 16.83 billion in the previous year[67] - Gross profit for the IoT and lifestyle products segment was RMB 4.05 billion, compared to RMB 2.65 billion in the same period last year[67] Internet Services - Internet services revenue hit a record RMB 8.0 billion in Q1 2024, up 14.5% YoY, with a gross margin of 74.2%, up 1.9 percentage points YoY[9] - Overseas internet services revenue grew 39.0% YoY to RMB 2.5 billion in Q1 2024, accounting for 31.2% of total internet services revenue, up 5.5 percentage points YoY[10] - Internet services revenue rose 14.5% from RMB 7.0 billion in Q1 2023 to RMB 8.0 billion in Q1 2024, with overseas internet services revenue jumping 39.0% to RMB 2.5 billion[18] - Internet services revenue rose by 2.1% from RMB 7.9 billion in Q4 2023 to RMB 8.0 billion in Q1 2024, primarily due to growth in gaming revenue[33] - Internet services segment revenue rose to RMB 8.05 billion, up from RMB 7.03 billion in the same period last year[67] - Gross profit for the internet services segment was RMB 5.98 billion, up from RMB 5.08 billion in the previous year[67] R&D and Innovation - Xiaomi's R&D expenditure in Q1 2024 was RMB 5.2 billion, a 25.4% year-over-year increase[4] - R&D expenses increased by 25.4% from RMB 4.1 billion in Q1 2023 to RMB 5.2 billion in Q1 2024, driven by investments in smart EV and other innovative businesses[22] - R&D expenses decreased by 5.6% from RMB 5.5 billion in Q4 2023 to RMB 5.2 billion in Q1 2024, with stable spending on smart EV and other innovative projects[38] - R&D expenses increased to RMB 5,159,387 thousand, up 25% from RMB 4,113,360 thousand in the previous year[60] Market Share and Regional Performance - Xiaomi's market share in the Middle East reached 20.9%, a 7.1 percentage point year-over-year increase[7] - Revenue from Mainland China accounted for 49.8% of total revenue, while global other regions contributed 50.2%[68] Cash and Financial Position - Xiaomi's cash reserves as of March 31, 2024, were RMB 127.3 billion, a 34.7% year-over-year increase[6] - The company's total cash resources as of March 31, 2024, amounted to RMB 127.3 billion[50] - Cash and cash equivalents stood at RMB 34.9 billion as of March 31, 2024, compared to RMB 33.6 billion as of December 31, 2023[47] - The net cash used in operating activities for Q1 2024 was RMB 9.3 billion, primarily due to a RMB 8.7 billion increase in inventory and a RMB 3.6 billion increase in prepayments and other receivables[51] - The net cash generated from investing activities for Q1 2024 was RMB 10.7 billion, mainly due to a RMB 6.9 billion net decrease in short-term investments at fair value and a RMB 6.2 billion net decrease in short-term bank deposits[52] - The net cash used in financing activities for Q1 2024 was RMB 100 million, primarily due to RMB 1.9 billion in share repurchases and RMB 1 billion in deferred consideration for intangible asset acquisitions[52] - The company's total borrowings as of March 31, 2024, were RMB 27.7 billion, a slight decrease from RMB 27.9 billion at the end of 2023[53] - Cash and cash equivalents increased to RMB 34,896,211 thousand, up from RMB 33,631,313 thousand at the end of 2023[62] - Net cash used in operating activities was RMB 9,287,058 thousand, compared to net cash generated from operating activities of RMB 1,218,761 thousand in 2023[64] - Net cash generated from investing activities was RMB 10,710,999 thousand, a significant improvement from net cash used in investing activities of RMB 1,622,151 thousand in 2023[64] - Total equity increased to RMB 167,593,801 thousand, up from RMB 164,261,768 thousand at the end of 2023[63] Investments and Share Repurchases - The company invested in approximately 430 companies with a total book value of RMB 65.2 billion as of March 31, 2024, a 2.2% decrease year-over-year[55] - The company repurchased 163,134,400 B-class shares for a total consideration of HKD 2,245,467,263 during Q1 2024[81] - The company repurchased a total of 163,134,400 shares in the first four months of 2024, with a total cost of approximately HKD 2,245,467,263[82] - The number of issued B shares decreased by 138,100,000 due to the cancellation of repurchased shares in January and February 2024, and the ongoing cancellation of shares repurchased in March and April 2024[82] - A total of 29,373,916 A shares were converted to B shares on March 14, 2024, with 26,454,431 shares converted by Lei Jun through Smart Mobile Holdings Limited and 2,919,485 shares converted by Lin Bin through Apex Star LLC[83] - The company has not purchased, sold, or redeemed any securities listed on the Stock Exchange during the three months ended March 31, 2024, and up to the date of the announcement[83] Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code except for the separation of the roles of Chairman and CEO, which are currently held by Lei Jun[84] - The Audit Committee reviewed the unaudited interim results for the three months ended March 31, 2024, and discussed accounting policies, practices, and internal control matters with senior management and external auditors[85] - As of March 31, 2024, the company was not involved in any significant litigation or arbitration, and there were no pending or threatened significant claims against the company[86] - No other significant events affecting the group occurred between March 31, 2024, and the date of the announcement[87] Employee and Operational Metrics - The company had 35,423 full-time employees as of March 31, 2024, with 17,421 in R&D roles[56] - Employee benefit expenses rose to RMB 5.19 billion, compared to RMB 4.50 billion in the previous year[69] Inventory and Assets - Inventory increased to RMB 51,918,525 thousand in Q1 2024 from RMB 44,422,837 thousand at the end of 2023[76] - Total assets as of March 31, 2024, stood at RMB 326,971,545 thousand, compared to RMB 324,247,439 thousand at the end of 2023[62] - Short-term investments measured at fair value through profit or loss decreased to RMB 13,264,991 thousand in Q1 2024 from RMB 20,193,662 thousand at the end of 2023[73] - Long-term investments measured at fair value through profit or loss decreased to RMB 58,499,936 thousand in Q1 2024 from RMB 60,564,274 thousand at the end of 2023[73] - Trade receivables and bills decreased to RMB 11,213,539 thousand in Q1 2024 from RMB 12,150,928 thousand at the end of 2023[75] - Trade payables decreased to RMB 60,547,077 thousand in Q1 2024 from RMB 62,098,500 thousand at the end of 2023[79] Legal and Tax Issues - Xiaomi India's bank accounts with INR 45,750,963 thousand (approximately RMB 3,969,354 thousand) were restricted due to ongoing tax investigations[80] Smart EV Business - Xiaomi SU7 series cumulative orders reached 88,063 units by April 30, 2024, with 10,000 units delivered by May 15, 2024[11] - Xiaomi aims to deliver over 10,000 Xiaomi SU7 series vehicles monthly by June 2024[11] Miscellaneous - Global monthly active users of Mi Home app reached 89.1 million in March 2024, a 14.0% YoY increase[8] - Global monthly active users reached 658.1 million in March 2024, a 10.6% YoY increase, with 160.4 million in mainland China, up 9.7% YoY[9] - AIoT platform connected devices (excluding smartphones, tablets, and laptops) reached 786.1 million, a 27.2% YoY increase, with 15.2 million users connecting five or more devices, up 24.2% YoY[8] - Cost of goods sold and licensing fees increased to RMB 53.76 billion, up from RMB 42.76 billion in the same period last year[69] - Sales and marketing expenses increased by 33.6% from RMB 4.1 billion in Q1 2023 to RMB 5.5 billion in Q1 2024, driven by higher advertising and logistics costs[22] - Sales and marketing expenses decreased by 7.3% from RMB 5.9 billion in Q4 2023 to RMB 5.5 billion in Q1 2024, mainly due to reduced advertising and promotional activities[39] - Administrative expenses remained stable at RMB 1.5 billion in Q1 2024 compared to Q4 2023, driven by increased credit loss provisions for receivables, partially offset by reduced professional service fees[40] - Fair value changes of financial instruments at fair value through profit or loss shifted from a gain of RMB 600 million in Q4 2023 to a loss of RMB 1.2 billion in Q1 2024, primarily due to fair value losses on listed equity investments[40] - Share of net profit from investments accounted for using the equity method increased by 85.0% from RMB 84.0 million in Q4 2023 to RMB 155.4 million in Q1 2024[40] - Other income decreased by 39.9% from RMB 300 million in Q4 2023 to RMB 200 million in Q1 2024, mainly due to reduced VAT input tax credits and government subsidies[40] - Net finance income increased by 140.2% from RMB 600 million in Q4 2023 to RMB 1.5 billion in Q1 2024, driven by changes in the fair value of financial liabilities payable to fund investors[42] - Income tax expense increased by 7.7% from RMB 974.0 million in Q4 2023 to RMB 1,049.2 million in Q1 2024, primarily due to higher deductible expenses in Q4 2023[43] - Operating profit decreased to RMB 3,683,038 thousand, down 38% from RMB 5,900,209 thousand in 2023[60] - Total borrowings increased to RMB 27,705,897 thousand in Q1 2024 from RMB 27,857,345 thousand at the end of 2023[77]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) and raises the target price to HKD 23.6, indicating a potential upside of 22% [1][4][10]. Core Insights - Xiaomi's core business is back on an upward trajectory, with strong profit release expected in Q1 2024. Revenue is projected to grow by 25% year-on-year, driven by increased smartphone shipments and significant growth in the IoT segment, particularly in major appliances. The internet business is also expected to maintain stable growth due to an expanding user base [1][3]. - The report anticipates adjusted net profit to approach RMB 5.5 billion, representing a year-on-year increase of nearly 70%. After accounting for approximately RMB 2.5 billion in expenses from new automotive ventures, the adjusted core business profit is expected to be around RMB 8 billion [1][3]. - The management's confidence in the business outlook has improved, particularly regarding the high-end smartphone strategy and automotive business. The delivery forecasts for Xiaomi's automotive segment have been raised to 100,000 units in 2024 and 208,000 units in 2025, with revenue projections adjusted to RMB 23.7 billion and RMB 50.8 billion, respectively [1][3]. Financial Summary - Revenue projections for Xiaomi from 2022 to 2026 are as follows: - 2022: RMB 280.0 billion - 2023: RMB 271.0 billion - 2024E: RMB 329.5 billion (22% growth) - 2025E: RMB 372.7 billion (13% growth) - 2026E: RMB 434.1 billion (16% growth) [3][6]. - Adjusted net profit forecasts are: - 2022: RMB 8.5 billion - 2023: RMB 19.3 billion - 2024E: RMB 13.8 billion (126% growth) - 2025E: RMB 20.3 billion (28% growth) - 2026E: RMB 23.9 billion (47% growth) [3][6]. - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios of 14.0x for smartphones, 16.0x for IoT, and 14.0x for internet services, with a target price of HKD 23.6 [1][7]. Valuation Methodology - The valuation is based on stable profit release from core businesses, allowing Xiaomi to invest in building future technological barriers. The target price reflects the expected growth in various segments, including automotive [1][7].

M N 9 May 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 1Q24E preview: Expect strong earnings ahead; Raise TP to HK$23.77 Target Price HK$23.77 Xiaomi will report 1Q24 results in late May. We estimate 1Q revenue/adj. net profit (Previous TP HK$22.19) to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, Up/Downside 24.5% backed by strong smartphone shipments, better GPM across all segments and Current Price HK$19.10 prudent expense controls. Lo ...

证券研究报告 | 公司点评 2024年05月08日 小米集团-W（01810.HK） SU7 订单强势，手机出货复苏 手机：出货量强势复苏，市占率提升。据Canalys、IDC估算，2024Q1小 买入（维持） 米智能手机出货量分别为4080/4070万台，yoy+33.8%%/33%，市场份 股票信息 额提升至14%、yoy+3pct，位列全球第三。 行业 互联网软件与服务 2024Q1，出货量方面，我们预计小米集团 2024Q1 手机出货量有望达到 前次评级 买入 4080万台，同比提升34%。由于BOM成本有所提升，我们预计Q1小米 手机业务毛利率环比有所下滑、但同比仍保持较高水平。展望全年，我们 5月7日收盘价(港元) 17.94 预计 2024 年小米手机业务将实现较好复苏，我们预计出货量有望达到 总市值(百万港元) 447,639.30 1.66亿台、yoy+14%，ASP也或将在高端化的推动下实现提升。 总股本(百万股) 24,952.02 其中自由流通股(%) 100.00 小米汽车销售亮眼，毛利超预期。据小米汽车5月1日微博，从4月3日 30日日均成交量(百万股) 139.94 首次交付起， ...

Financial Performance - Xiaomi's total revenue for 2023 was 270,970,141 units[10] - Xiaomi's operating profit for 2023 was 57,476,239 units[10] - Xiaomi's net profit for 2023 was 20,008,670 units[10] - Xiaomi's basic earnings per share for 2023 was 22,011,047 units[10] - Xiaomi's diluted earnings per share for 2023 was 17,474,196 units[10] - Xiaomi's adjusted net profit for 2023 was 17,475,173 units[10] - Xiaomi's cash flow from operating activities for 2023 was 18,510,061 units[10] - Xiaomi's adjusted cash flow from operating activities for 2023 was 18,507,548 units[10] - Xiaomi's total assets as of 2023 were 19,272,754 units[10] - Total revenue for 2023 reached 324,247,439, a 18.5% increase compared to 2022[11] - Xiaomi's revenue in 2023 reached 121.8 billion yuan, a year-on-year increase of 44.9%[16] - Xiaomi's cash and cash equivalents as of December 31, 2023, stood at 136.3 billion yuan[16] - Total revenue for 2023 increased by 6.3% to 301 billion[19] - Operating profit for 2023 increased by 11.2% to 205 billion[19] - Revenue for 2023 decreased by 3.2% to 270,970.1 million compared to 280,044.0 million in 2022[25] - Operating profit for 2023 increased to 57,476.2 million from 47,577.2 million in 2022[24] - Net profit for 2023 significantly increased to 20,008.7 million from 2,816.5 million in 2022[24] - Gross profit margin improved to 21.2% in 2023 from 17.0% in 2022[24] - Total revenue for 2023 was $134.48 billion, a decrease of 11.7% compared to $152.25 billion in 2022[34] - Net profit for 2023 was $45.6 billion, compared to a net loss of $400.1 billion in 2022[43] - Revenue for 2023 increased to 7,662.1 million, up from 5,799.6 million in 2022[53] - Net income for 2023 decreased to 4,303.0 million, down from 7,716.0 million in 2022[53] - The company's operating income for 2023 was 17,474,197 thousand, with a growth rate of 6.4%[55] - Net profit for 2023 was 3,344,357 thousand, with a growth rate of 7.1%[55] - Total revenue for the year ending December 31, 2023, was 33,627 million, an increase from 31,537 million in the previous year[63] - The company's operating profit for the year ending December 31, 2023, was 17,800 million[63] - Net profit attributable to shareholders for the year ending December 31, 2023, was 11,861 million, a 14.1% increase from the previous year[63] - Total revenue for the period reached 3,620,173,600[73] - Net income for 2023 was 280,734,400[73] - The company's total assets for 2023 amounted to 234,181,394 units[83] - The company's net income for the period was 240,454,414 units[84] - The company's total revenue for 2018 was 2,512,694,900 units[85] - Total revenue for 2023 reached 2,503,959,565 USD, with a net income of 125,197,978 USD[117] - Operating expenses for 2023 amounted to 150,622,365 USD, with a net profit of 354,225 USD[117] - The company's revenue growth rate for 2023 was 10.0%, reaching 2,501,663,634 USD[118] - The company's operating margin for 2023 was 17%, reflecting strong cost management[120] - The company's net profit margin for the year 2023 was 8.10%[148] - The company's total liabilities as of December 31, 2023, were 336 million units[149] - The company's equity attributable to shareholders was 352 million units as of December 31, 2023[144] - The company's revenue for 2023 reached $67 billion, reflecting a significant growth trajectory[157] - The company's revenue for the fiscal year 2023 reached $200.1 billion, marking a substantial growth[165] - The company's revenue for 2023 reached $73 billion, reflecting a significant growth trajectory[167] - Revenue from core business operations reached $9.033 billion, with a growth of 5,301%[170] - Total revenue for the fiscal year ending December 31, 2023, was 4,113,113,657 yuan, with a year-over-year growth of 62.2%[177] - Net profit for the fiscal year ending December 31, 2023, was 453,919,103 yuan, with a year-over-year growth of 6.9%[177] - Revenue for the fiscal year ending December 31, 2023, reached $82 billion[184] - The company's revenue for 2023 reached 85 billion[192] - Revenue for the September quarter reached a record $96.77 billion in China[110] - The company reported a net income of $3.21 billion for the quarter[194] - Revenue increased by 8.8% year-over-year, driven by strong performance in key markets[197] - The company's financial performance for the quarter ending December 31, 2023, showed significant growth in key metrics[200] IoT and AIoT Platform - IoT platform connected devices reached 739.7 million by the end of 2023, a 25.5% year-over-year growth[15] - The company's AIoT platform connected devices grew to 641.2 million by the end of 2023, a 10.2% increase[15] - Xiaomi's AIoT platform connected devices increased by 40% in 2023, reaching 673 million units[16] - Xiaomi's IoT and lifestyle products revenue grew by 21.2% in 2023, contributing 14.6% to total revenue[16] - Xiaomi's IoT and lifestyle products revenue in 2023 was 16.3 billion yuan, a year-on-year increase of 1.9%[16] - Xiaomi's IoT and lifestyle products revenue grew by 16.3% in 2023, reaching 80.1 billion RMB[18] - Xiaomi's AIoT platform connected devices reached 739.7 million units by the end of 2023, a 25.5% year-over-year increase[18] - IoT and lifestyle products revenue slightly increased by 0.4% to 80,107.7 million in 2023 from 79,794.9 million in 2022[28] - IoT business revenue for 2023 was $67.03 billion, a decrease of 1.9% compared to $68.30 billion in 2022[35] - IoT business operating profit margin improved to 16.3% in 2023, up from 14.4% in 2022[38] - The company's IoT and lifestyle products revenue reached 48% of total revenue for the year ending December 31, 2023, up from 40% in the previous year[66] - The company's IoT and lifestyle products revenue accounted for 15% of total revenue for the year ending December 31, 2023[69] - The company's IoT and lifestyle products revenue growth was driven by a 24.4% increase in shipments[70] Smartphone Market - Global smartphone shipments in Q4 2023 increased by 23.9% year-over-year, reaching 40.7 million units[15] - Xiaomi's global smartphone market share reached 12.8% in 2023, with significant growth in the premium segment[15] - The company's premium smartphone shipments (priced above $400) increased by 126.3% year-over-year in 2023[14] - Xiaomi's premium smartphone market share in China reached 16.9% in 2023, with a 9.2% year-over-year growth[15] - Xiaomi's smartphone shipments in 2023 accounted for 51% of the global market share, with a 65% share in the premium segment[16] - Xiaomi's global smartphone market share in 2023 was 12.4%, with a 1.3% increase in the premium segment[16] - Xiaomi's premium smartphone segment revenue grew by 74.2% in 2023, contributing 2.4% to total revenue[16] - Xiaomi's global smartphone market share increased by 4.3% in 2023, with shipments reaching 145.6 million units[17] - Xiaomi's smartphone shipments in the Chinese market grew by 40% in 2023, with revenue increasing by 49% to 4.4 billion RMB[18] - Xiaomi's premium smartphone shipments in China reached 2.0 million units in 2023, a significant increase from the previous year[18] - Smartphone revenue decreased by 5.8% to 157,461.3 million in 2023 from 167,217.2 million in 2022[27] - The company's global smartphone shipments increased by 12% year-over-year[69] - The company's global smartphone market share increased by 34% year-over-year[69] R&D and Innovation - Xiaomi's R&D expenses for 2023 amounted to 19.1 billion, a 19.2% increase compared to the previous year[15] - Xiaomi's R&D expenses in 2023 amounted to 19.3 billion yuan, a year-on-year increase of 126.3%[16] - Xiaomi's SU7 electric vehicle is set to launch on March 28, 2024, with a CLTC range of 800 km[16] - Xiaomi launched the Xiaomi 14 series in October 2023, featuring advanced AI capabilities and the new HyperOS[17] - Xiaomi plans to launch the Xiaomi 14 Ultra in February 2024, featuring the Summilux lens and advanced AI imaging technology[17] - Xiaomi's Redmi Note 13 series and Redmi K70 series were launched in 2023, with the Redmi K70 series featuring AI-enhanced camera technology[17] - R&D expenses for 2023 were $19.1 billion, an increase of 19.2% compared to $16.0 billion in 2022[39] - The company's R&D investment for 2023 increased by 12% compared to the previous year[121] - Research and development investment increased by 20% in 2023, focusing on AI and IoT technologies[137] - The company is focusing on R&D for new technologies, with a budget allocation of $740 million[172] - Research and development expenses increased by 20% to $1.2 billion, focusing on AI and machine learning[196] - New product development accounted for 22% of total R&D expenditure, focusing on innovation and technology[199] Market Expansion and Strategy - Xiaomi HyperOS was launched in October 2023, marking a significant upgrade in the company's operating system[15] - Revenue from new strategies in 2023 grew by 24.1% to 84 billion[19] - The company's market expansion strategy includes a focus on new product development and technological innovation[148] - The company's strategic partnership with XPeng Inc. was established on June 20, 2023[148] - The company's financial performance for 2023 showed a significant increase in operational efficiency and profitability[144] - The company plans to expand its market presence with a focus on new product development and technology innovation[119] - The company's market expansion strategy includes a focus on new regions, with a projected increase in market penetration by 10%[192] - The company's new strategy includes enhancing user data analytics and customer engagement[177] - The company is exploring new markets to increase its global presence[177] - Market expansion into Southeast Asia is expected to contribute $500 million in revenue by 2025[185] - The company completed a $3.13 billion acquisition to enhance its product portfolio[185] - The company plans to launch a new product line in Q1 2024, targeting a 15% market share increase[183] - Market expansion into Southeast Asia is projected to increase revenue by 15% in 2024[195] - The company completed a $500 million acquisition to enhance its technology portfolio[196] - Market expansion in Southeast Asia resulted in a 18.5% increase in regional revenue[198] - The company announced plans to expand into three new international markets in the next fiscal year[200] - A major acquisition is underway, expected to close by mid-2024, which will enhance the company's technological capabilities[200] User Base and Engagement - The company's global MIUI monthly active users reached 641.2 million by the end of 2023[15] - User base for K services grew by 10.2% to 641.2 million in December 2023[19] - The company's user base increased by 0.9% compared to the previous period[83] - User base grew by 56% to 763 million active users[135] - User base grew by 49% in 2023, reaching 42 million active users[136] - The company's user base increased to 9,973,000 as of December 31, 2023, up 13.0% from 8,822,000 on December 31, 2022[162] - The user engagement rate rose to 3.7% in 2023, compared to 3.2% in 2022[162] - The company's user data shows a significant increase, with 86.93 million active users reported[164] - User data showed a 12% increase in active users compared to the previous year, reaching 1.2 billion[158] - User data showed a 10% increase in active users, reaching 1.5 billion globally[194] - User base grew by 12.3% to 89 million active users, reflecting successful market expansion strategies[198] - User data indicated a substantial increase in active users, reaching a new high of 12 million[200] ESG and Sustainability - ESG initiatives in 2023 achieved a 73% improvement in EcoVadis score compared to 2022[21] - ESG initiatives contributed to a 15% reduction in carbon emissions, aligning with sustainability goals[197] - The company plans to reduce carbon emissions by 25% by 2030 as part of its sustainability strategy[185] Shareholding and Equity - Smart Mobile Holdings Limited issued 1,000,000,000 shares at HK$23.70 per share, raising a total of HK$23.70 billion[58] - Xiaomi Best Time International Limited issued 6 billion shares at 3.375% interest, maturing in 2030[59] - Xiaomi Best Time International Limited issued 8 billion shares at 2.875% interest, maturing in 2031, and 4 billion shares at 4.100% interest, maturing in 2051[59] - The company's total liabilities increased by 236% in 2022 and 279% in 2023[60] - The company's total assets increased by 671% in 2023, reaching 430 billion[62] - The company's net profit margin was 5.0% in 2023[62] - The company's total liabilities increased by 17% in 2023[62] - The company's total liabilities increased by 680% in 2023[62] - The company's total liabilities increased by 5% in 2023[62] - The company's total assets as of December 31, 2023, were 62,775.6 million[72] - The company's total assets as of December 31, 2023, amounted to 4,113,113,657 shares of Class A and 1,789,599,309 shares of Class B[144] - The company holds 100% ownership in Parkway Global Holdings Limited, Sunrise Vision Holdings Limited, and Smart Mobile Holdings Limited[144] - Smart Mobile Holdings Limited holds 4,113,113,657 shares, representing 90.06% of the total shares[142] - Smart Player Limited holds 59,221,630 shares, representing 0.29% of the total shares[142] - Team Guide Limited holds 92,245,042 shares, representing 0.45% of the total shares[142] - Apex Star LLC holds 1,701,528,712 B shares and 453,919,103 A shares, representing 8.30% and 9.94% of the total shares respectively[143] - Bin Lin and Daisy Liu Family Foundation holds 60,686,600 B shares, representing 0.30% of the total shares[143] - Morningside China TMT Fund I, L.P. holds 7 B shares, representing 0.00% of the total shares[143] - Lofty Power International Limited holds 135,871,935 B shares, representing 0.66% of the total shares[143] - Apex Star FT LLC holds 93,438,272 B shares, representing 0.46% of the total shares[143] - 㲲岉䓤䭣䏈灭楛㷱灮㛋昒℮⎺ holds 2,443,200 B shares, representing 0.01% of the total shares[143] - The company's total B shares held by related entities amount to 803,063,913[151] - The company's strategic investments and holdings are diversified across multiple entities, with specific percentages and share counts detailed[151] - The company's financial performance and shareholding structure are detailed with specific numbers and percentages, reflecting a robust and diversified portfolio[150] Product Launches - Xiaomi's SU7 electric vehicle is set to launch on March 28, 2024, with a CLTC range of 800 km[16] - Xia