XIAOMI(01810) 兴证国际证券·2024-11-29 00:29Investment Rating - The report maintains a "Buy" rating for the company, reflecting optimism about its growth prospects, particularly in high-end smartphones, IoT, and automotive sectors [2][5] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching RMB 92.5 billion (YoY +30.5%, QoQ +4.1%) and net profit of RMB 5.34 billion (YoY +9.7%, QoQ +5.3%) [1] - The smartphone business achieved revenue of RMB 47.45 billion (YoY +13.9%, QoQ +2.0%) with a gross margin of 11.7%, driven by higher ASPs due to increased high-end smartphone sales [1] - IoT and lifestyle products revenue grew to RMB 26.10 billion (YoY +26.3%), with strong growth in major appliances, tablets, and wearables [1] - The smart electric vehicle business reported revenue of RMB 8.04 billion (QoQ +49.1%) with a gross margin of 17.1%, delivering 39,800 vehicles in Q3 and targeting 130,000 units for the full year [1] Financial Projections - Revenue is projected to grow from RMB 355.7 billion in 2024 to RMB 515.8 billion in 2026, with net profit expected to increase from RMB 19.9 billion to RMB 32.1 billion over the same period [1] - The company's EPS is forecasted to rise from RMB 0.78 in 2024 to RMB 1.26 in 2026, with a P/E ratio declining from 34.1x to 21.0x [1][5] Business Highlights - The smartphone segment is on track to achieve its annual shipment target of 170 million units, with flagship models performing exceptionally well [1] - IoT and lifestyle products, particularly major appliances, are expected to grow by 50% YoY in 2024 [1] - The automotive business is gaining momentum, with 100,000 vehicles delivered by November 2024 and a full-year target of 130,000 units [1]