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小米集团-W（01810）：Q4营收首超千亿，汽车及IOT业务进展超预期
01810XIAOMI(01810) 招商证券·2025-03-19 05:38

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6]. Core Insights - The company achieved record revenue in Q4 2024, surpassing 100 billion RMB for the first time, with total revenue for the year reaching 365.9 billion RMB, a year-on-year increase of 35.0%. Adjusted net profit was 27.2 billion RMB, up 41.3% year-on-year [5][6]. - The company is focusing on high-end smartphone and electric vehicle markets, with significant growth expected in IoT and internet services, supported by strong R&D investments [6]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 109 billion RMB, a 48.8% increase year-on-year, and adjusted net profit of 8.3 billion RMB, up 69.4% year-on-year [5][6]. - For the full year 2024, total revenue was 365.9 billion RMB, with a net profit of 27.2 billion RMB, including a loss of 6.2 billion RMB from innovative businesses like smart electric vehicles [5][6]. Smartphone Business - The smartphone segment generated revenue of 191.8 billion RMB in 2024, a 21.8% increase year-on-year, with a market share of 13.8% [5][6]. - The company is advancing its high-end strategy, achieving a market share of 24.3% in the 4000-5000 RMB price range, ranking first [5][6]. IoT Business - IoT revenue reached 104.1 billion RMB in 2024, a 30.0% increase year-on-year, with a gross margin of 20.3% [5][6]. - The company is expanding its high-end IoT product offerings and plans to open 10,000 Xiaomi stores overseas in the next five years [5][6]. Internet Services - Internet services revenue grew by 13.3% year-on-year to 34.1 billion RMB in 2024, with a gross margin of 76.6% [5][6]. - The number of global monthly active users reached 702.3 million, a 9.5% increase year-on-year [5][6]. Automotive Business - The automotive segment generated revenue of 32.8 billion RMB in 2024, with an adjusted net loss of 6.2 billion RMB [5][6]. - The company has set a delivery target of 350,000 vehicles for 2025, with strong demand for the SU7 model [6].