XIAOMI(01810) 甬兴证券·2025-03-08 13:31Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][6]. Core Viewpoints - Xiaomi is focusing on high-end product development, with the Xiaomi 15 Ultra positioned as a "peak imaging, technology flagship" starting at a price of 6499 yuan. The company aims to break into the ultra-high-end market above 6000 yuan in the next five years, competing with Apple in product service and ecosystem compatibility [1][3]. - The pricing of the Xiaomi SU7 Ultra was lower than expected, with a final price of 529,900 yuan, significantly reduced from the pre-sale price of 814,900 yuan [1]. - The company plans to invest 105 billion yuan in R&D from 2021 to 2025, with AI and related businesses expected to account for one-quarter of this investment by 2025 [2]. Financial Projections - The projected net profit for Xiaomi Group is approximately 19.49 billion yuan in 2024, 24.57 billion yuan in 2025, and 29.55 billion yuan in 2026, reflecting a growth rate of 11.52%, 26.07%, and 20.27% respectively [3][13]. - Revenue is expected to grow from 270.97 billion yuan in 2023 to 558.81 billion yuan in 2026, with annual growth rates of -3.24%, 33.67%, 27.03%, and 21.46% [13][16]. Key Financial Metrics - The gross margin is projected to be 21.21% in 2023, decreasing slightly to 20.33% by 2026 [15][16]. - The return on equity (ROE) is expected to be 10.66% in 2023, slightly declining to 12.43% by 2026 [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.51 in 2023 to 38.06 in 2026 [16].