Group 1 - The core viewpoint of the report is that Huaxing Securities has upgraded Xiaomi Group to a "Buy" rating and significantly raised its target price to HKD 52.00 [1] - Xiaomi's revenue for the fourth quarter of last year is expected to exceed RMB 100 billion for the first time, reaching RMB 105 billion, a year-on-year increase of 40% [1] - Smartphone revenue is projected to be RMB 49 billion, with a 6% year-on-year increase in average selling price due to higher contributions from premium models [1] Group 2 - IoT revenue is expected to grow by 46% year-on-year to RMB 29.7 billion, benefiting from domestic stimulus policies [1] - Internet services revenue is anticipated to increase by 13% year-on-year to RMB 8.9 billion, with notable performance in electric vehicle deliveries and revenue [1] - Overall gross margin is expected to improve by 20 basis points quarter-on-quarter to 20.6% [1] Group 3 - Revenue and profit growth for Xiaomi in 2025 will be driven by three factors: national consumption subsidy policies, expansion of electric vehicle production capacity and introduction of new models, and the monetization of CEO Lei Jun's personal brand along with the implementation of Xiaomi's new retail strategy [1] - Based on higher revenue forecasts for the IoT and electric vehicle segments, Huaxing Securities has raised Xiaomi's revenue forecasts for 2024-2026 by 2%-5% [2] - Adjusted net profit forecasts for 2024-2026 have been increased by 4%-21%, with a projected CAGR of 22% for adjusted net profit during this period [2]
华兴证券：将小米集团目标价大幅上调至 52.00 港元