XIAOMI(01810) 国元国际控股·2024-11-20 03:34Investment Rating - The report maintains a positive outlook on the company, suggesting continued active monitoring of its performance and potential growth opportunities [15]. Core Insights - The company achieved total revenue of 92.5 billion RMB in Q3 2024, representing a year-on-year growth of 30.5%, with adjusted net profit reaching 6.3 billion RMB, up 4.4% year-on-year [4]. - The smartphone business continues to strengthen, with revenue of 47.5 billion RMB in Q3 2024, a 13.9% increase year-on-year, and a market share of 13.8% globally [7]. - The IoT and lifestyle products segment saw revenue growth of 26.3% year-on-year, reaching 26.1 billion RMB, with a record high gross margin of 20.8% [11]. - The electric vehicle segment reported revenue of 9.7 billion RMB in Q3 2024, a 52.3% increase from the previous quarter, with a gross margin of 17.1% [13]. Summary by Sections Smartphone Business - The company sold 43.1 million smartphones in Q3 2024, a 3.1% increase year-on-year, with an average selling price (ASP) of 1,102 RMB, up 10.6% [7]. - The company ranked third globally in smartphone shipments for 17 consecutive quarters, with a market share increase in mainland China to 14.7% [7]. IoT and Lifestyle Products - The company achieved a record high of 6.86 million monthly active users globally, a 10.1% increase year-on-year, with significant growth in air conditioning, refrigerator, and washing machine sales [11]. - Internet services revenue reached 8.5 billion RMB in Q3 2024, with a gross margin of 77.5%, up 3.1 percentage points year-on-year [11]. Electric Vehicle Segment - The company delivered 39,790 units of the Xiaomi SU7 in Q3 2024, with an average price of 238,650 RMB per unit, and expects to exceed 20,000 units in monthly deliveries post-October [13]. - The upcoming Xiaomi SU7 Ultra is priced at 817,900 RMB, with significant pre-orders indicating strong market interest [13].