XIAOMI(01810) 申万宏源证券·2025-03-20 06:15Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [4][7][8] Core Insights - Xiaomi Group's 2024 and Q4 performance reached historical highs, with 2024 revenue of 365.9 billion RMB, a year-on-year increase of 35%, and adjusted net profit of 27.2 billion RMB, up 41% [7][8] - The company has raised its 2025 delivery target for electric vehicles to 350,000 units, up from 300,000, with a projected revenue of 32.8 billion RMB from this segment [7][8] - The smartphone segment continues to validate its high-end strategy, targeting 180 million units shipped in 2025, with a revenue of 191.8 billion RMB in 2024, a 22% increase [7][8] - The IoT segment saw a significant revenue increase, surpassing 100 billion RMB, with a target of 50% growth in 2025 [7][8] - The internet services segment achieved record revenue and gross margin, with a total revenue of 34.1 billion RMB in 2024, a 13.3% increase [7][8] - Xiaomi's retail strategy includes expanding its store count to 20,000 by 2025, with a focus on AI and core technologies [7][8] Financial Data and Profit Forecast - Revenue projections for Xiaomi Group are as follows: - 2023: 270.97 billion RMB - 2024: 365.91 billion RMB - 2025E: 469.36 billion RMB - 2026E: 572.04 billion RMB - 2027E: 684.43 billion RMB - Net profit projections are: - 2023: 19.27 billion RMB - 2024: 27.31 billion RMB - 2025E: 37.62 billion RMB - 2026E: 45.74 billion RMB - 2027E: 55.77 billion RMB [3][8]