Xiaomi Q4 financial report interpretation and preview: The performance is impressive but the stock price is under pressure. What are the hidden concerns of Xiaomi's high-end path?

March 24, $XIAOMI-W(01810.HK)$ Announcement of the results report for the fourth quarter of 2020.
In the fourth quarter of 2020, Xiaomi GroupTotal revenue reached RMB 70.5 billion, up 24.8% year over year; adjustedNet profit reached RMB 3.2 billionThat's a year-on-year increase of 36.7%.

Xiaomi Group 2020Annual revenue of RMB 245.87 billion, the market estimates RMB 247.76 billion; after full year adjustmentsNet profit of RMB 13.01 billion。

Xiaomi phones delivered excellent results in 2020. Shipments were 146 million units, up 17.5% year on year, and revenue reached 152.2 billion yuan, up 24.6% year on year. In 2019, the revenue growth rate of Xiaomi smart phones was only 7.3%.

In 2020, Huawei's shipments in the global market declined markedly, while both Xiaomi and Apple achieved positive growth. In Europe in particular, Xiaomi has taken over quite a few markets and reached number one for the first time in Central and Eastern Europe.

However, judging from this financial report, Xiaomi also has hidden concerns under the surface.
What is this concern? What does that mean for Xiaomi?

Tonight, meet with Mr. Luo Chao, the industry's financial director, at 8 o'clock. Let's watch the live broadcast of Xiaomi's financial report interpretation~