Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 67.8, indicating a potential upside of 20.06% from the current price of HKD 56.50 [5][8]. Core Insights - The company reported a significant revenue growth of 48.8% year-on-year for Q4 2024, achieving a revenue of RMB 109 billion, with a net profit increase of 90.4% to RMB 9 billion, surpassing market expectations [2]. - The management anticipates a revenue growth rate exceeding 30% for 2025, supported by increased investment in research and development, with an expected expenditure of RMB 30 billion, of which 25% will be allocated to AI [2]. - The company is focusing on high-end products, with smartphone revenue reaching RMB 51.3 billion, a 16.0% increase, and an average selling price (ASP) of RMB 1,202, marking a 10.1% year-on-year increase [2]. Revenue and Profitability - IoT revenue grew by 51.7% to RMB 30.9 billion, benefiting from national subsidies, with a gross margin of 20.5% [3]. - Internet services revenue increased by 18.5% to RMB 9.3 billion, with a gross margin of 76.5% [3]. - The automotive segment generated RMB 16.7 billion in revenue, with an ASP of RMB 234,000, and the company has raised its delivery target for 2025 to 350,000 vehicles [4]. Financial Projections - The company forecasts revenues of RMB 496.5 billion, RMB 638.3 billion, and RMB 740.8 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of RMB 40 billion, RMB 51.5 billion, and RMB 64.5 billion for the same years [5][6]. - The projected earnings per share (EPS) for 2025 is RMB 1.42, reflecting a growth of 53.46% compared to 2024 [6]. Market Position and Strategy - The company plans to expand its retail presence, aiming to open 5,000 new stores in China and enter overseas markets with a target of 10,000 stores in five years [3]. - The successful launch of high-end models like the 15 Ultra has significantly boosted sales, with a year-on-year increase of 80% in units sold [2].

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 -37% -16% 6% 27% 48% 4/23 7/23 10/23 1/24 小米集团-W 恒生指数 -50% 0% 50% 100% 小米集团-W 恒生指数 -10% 90% 190% 290% 24/03 24/06 ...

小米集团 [Table_StockNameRptType] -W（01810） 公司点评 24Q4 点评：业绩超预期，25 年汽车交付量上调至 35 万辆 整体表现：收入利润均超出 BBG 一致预期，24Q4 收入 1090 亿元 (yoy+48.8%)，超 BBG 预期 4.4%；Non-GAAP 净利润 83.2 亿元 (yoy+69.4%)，超 BBG 预期 27.2%； | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-21 | | | [Table_BaseData] 收盘价（港元） | | 56.50 | | 近 12 个月最高/最低（港元） | 14.5/58.2 | | | 总股本（百万股） | 25,112 | | | 流通股本（百万股） | 25,112 | | | 流通股比例（%） | | 100 | | 总市值（亿港元） | 14,188 | | | 流通市值（亿港元） | 14,188 | | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 ...

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][8][18] Core Viewpoints - Xiaomi Group achieved record-high annual performance in 2024, with total revenue reaching RMB 365.9 billion, a year-on-year increase of 35% [2][3] - The company reported an adjusted net profit of RMB 27.2 billion for 2024, up 41.3% year-on-year, with Q4 alone surpassing RMB 100 billion in revenue for the first time [2][3] - The smartphone and AIoT business segments showed robust growth, while the electric vehicle segment is expected to contribute significantly to future revenue [3][8] Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024-2027 are RMB 365.9 billion, RMB 483.0 billion, RMB 576.1 billion, and RMB 673.4 billion respectively, with growth rates of 35.04%, 32.00%, 19.28%, and 16.89% [1][8] - **Net Profit Forecast**: Expected net profits for the same period are RMB 23.7 billion, RMB 31.0 billion, RMB 40.1 billion, and RMB 50.2 billion, with growth rates of 35.38%, 31.12%, 29.22%, and 25.36% [1][8] - **Key Ratios**: The report indicates a projected P/E ratio of 47.11 for 2025, decreasing to 29.09 by 2027, and a P/B ratio of 6.65 in 2025, dropping to 4.71 by 2027 [1][8] Business Segment Performance - **Smartphone Business**: In 2024, Xiaomi's smartphone revenue reached RMB 191.8 billion, a 21.8% increase, with a market share of 13.8% globally [3][8] - **Electric Vehicle Business**: The electric vehicle segment generated RMB 32.8 billion in revenue, with a delivery target of 350,000 units for 2025 [3][8] - **R&D Investment**: Xiaomi's R&D expenditure for 2024 was RMB 24.1 billion, expected to rise to RMB 30 billion in 2025, reflecting the company's commitment to innovation [2][3]

浦银国际研究 公司研究 | 科技行业 小米集团（1810.HK）：四季度业绩创 历史新高，看好公司长期价值成长 重申小米的"买入"评级，上调目标价至 75.0 港元，潜在升幅 29%。 首席科技分析师 tony_shen@spdbi.com (852) 2808 6435 黄佳琦 重申小米的"买入"评级：在 2024 年四季度，小米的收入、经调整 后净利润、经调整后核心业务净利润分别录得人民币 1,090 亿、83 亿、 90 亿元，均取得历史新高，增长强劲。这两年的经营表现充分体现 其公司战略方向和管理层执行力。小米人车家生态闭环，给予公司长 期增长空间。手机、新能源车、IoT 等业务板块均有望取得中国和全 球领先的位置。这将带来公司收入规模的增长和潜在利润的加速释放。 作为行业首推之一，当前小米市盈率为 42.1x，考虑其新能源车增长、 AI 战略定位和多业务板块龙头估值溢价，估值仍然具备上升空间。我 们对于小米长期的价值增长保持较为乐观的判断。 小米 2025 年展望：1）智能手机：我们预期今年出货量有望达 1.8 亿 部以上。受益于上游成本下行、高端化战略、中国国补等，手机毛利 率有改善空间。2）Io ...

2025 年 3 月 20 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 65.0 | 公司基本资讯 | 产业别 | | | | | 电子 | | --- | --- | --- | --- | --- | --- | | H 股价(2025/03/20) | | | | | 56.50 | | 恒生指数(2025/03/20) | | | 24,220.0 | | | | 股价 12 个月高/低 | | | 58.2/13.08 | | | | 总发行股数(百万) | | | 25,111.69 | | | | H 股数(百万) | | | 20,595.40 | | | | H 市值(亿元) | | | 5,127.34 | | | | | | | ARK Trust (Hong | | | | 主要股东 | | | | | Kong) | | | | Limited(25.02% | | | | | | | | | | ) | | 每股净值(元) | | | | | 7.52 | | 股价/账面净值 | | | | | ...

浦银国际研究 公司研究 | 科技行业 重申小米的"买入"评级：在 2024 年四季度，小米的收入、经调整 后净利润、经调整后核心业务净利润分别录得人民币 1,090 亿、83 亿、 90 亿元，均取得历史新高，增长强劲。这两年的经营表现充分体现 其公司战略方向和管理层执行力。小米人车家生态闭环，给予公司长 期增长空间。手机、新能源车、IoT 等业务板块均有望取得中国和全 球领先的位置。这将带来公司收入规模的增长和潜在利润的加速释放。 作为行业首推之一，当前小米市盈率为 42.1x，考虑其新能源车增长、 AI 战略定位和多业务板块龙头估值溢价，估值仍然具备上升空间。我 们对于小米长期的价值增长保持较为乐观的判断。 小米集团（1810.HK）：四季度业绩创 历史新高，看好公司长期价值成长 小米 2025 年展望：1）智能手机：我们预期今年出货量有望达 1.8 亿 部以上。受益于上游成本下行、高端化战略、中国国补等，手机毛利 率有改善空间。2）IoT：大家电板块及境外业务拓展将推动该业务板 块收入增长超 20%。3）互联网：得益于用户基数持续增长及结构改 善，互联网业务将保持收入稳定增长及高毛利率水位。4）智能电动 ...

部公司 电子 2025 年03 月 20 日 小米集团-W (0181 全年业绩超预期,高端化战略持续兑现 报告原因:有业绩公布需要点评 | 投资要点: | | --- | 财务数据及盈利预测 | 市神:人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 (百万元) | 270,970 | 365,906 | 469,359 | 572,035 | 684,427 | | 同比增长率(%) | -3 | રે રેત | 28 | 22 | 20 | | 归母净利润(百万元) | 19.274 | 27.314 | 37,624 | 45.739 | 55.769 | | 同比增长率(%) | 127 | 42 | 38 | 22 | 22 | | 每股收益(元/股) | 0.76 | 1.07 | 1.48 | 1.79 | 2.19 | | 净资产收益率(%) | 11.34 | 13.39 | 16.01 | 16.53 | 17.07 | | 市智率 | 70 | 49 | 3 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][7][8] Core Insights - Xiaomi Group's 2024 and Q4 performance reached historical highs, with 2024 revenue of 365.9 billion RMB, a year-on-year increase of 35%, and adjusted net profit of 27.2 billion RMB, up 41% [7][8] - The company has raised its 2025 delivery target for electric vehicles to 350,000 units, up from 300,000, with a projected revenue of 32.8 billion RMB from this segment [7][8] - The smartphone segment continues to validate its high-end strategy, targeting 180 million units shipped in 2025, with a revenue of 191.8 billion RMB in 2024, a 22% increase [7][8] - The IoT segment saw a significant revenue increase, surpassing 100 billion RMB, with a target of 50% growth in 2025 [7][8] - The internet services segment achieved record revenue and gross margin, with a total revenue of 34.1 billion RMB in 2024, a 13.3% increase [7][8] - Xiaomi's retail strategy includes expanding its store count to 20,000 by 2025, with a focus on AI and core technologies [7][8] Financial Data and Profit Forecast - Revenue projections for Xiaomi Group are as follows: - 2023: 270.97 billion RMB - 2024: 365.91 billion RMB - 2025E: 469.36 billion RMB - 2026E: 572.04 billion RMB - 2027E: 684.43 billion RMB - Net profit projections are: - 2023: 19.27 billion RMB - 2024: 27.31 billion RMB - 2025E: 37.62 billion RMB - 2026E: 45.74 billion RMB - 2027E: 55.77 billion RMB [3][8]