小米集团发布 2024 年第3季度业绩，本季度营收达到 925 亿元 (人民币，下同)，同比增长 30.5%，创出历史新高。分业务来看，智能手机收入由2023年第3季度的416亿元增加13.9%至2024年第3季度的475亿元，主要是由于智能手机的平均售价 (┌ASP」)及出货量增加所致。IoT 与生活消费产品业务 (黑白家电、平板、手表、耳机等) 收入 261 亿元，同比增长26.3%。主要是由于中国大陆的智能大家电及若干生活消费产品、境外市场的平板及全球市场的可穿戴产品收入增加所致。互联网业务 (广告、游戏、金融等) 收入 85 亿元，同比增长 9.1%，创历史新高。汽车业务方面，SU7 三季度交付了 39790 辆车，使得智能电动汽车收入达到 95 亿元，经调整净亏损 15 亿元。集团智能汽车业务分部的毛利率由2季度的 15%上涨到了本季度的 17%。第3季度集团共交付 39790 辆，而第4季度第一个月，集团就交付了 20000 辆车，预计4季度集团应该总共会交付超过 6 万辆车。集团营收连着两季度创新高，相信市场份额可持续上升。Jinwu Financial News | The Hang Seng Index closed at 19663 on Tuesday (19th), up 87 points, or 0.4%. The market turnover was 121.9 billion yuan. The national index rose 0.36% to 7082; the index rose 1.23% to 4395. The price of gold hit the 2,600 US dollar mark. During the Asian session, the price was higher at 2,620 US dollars, and gold mining stocks were doing well. Zijin (02899) rose 4.7%; lithium stocks were speculated, as lithium mines in Australia stopped production, which stimulated lithium carbonate prices to rise by more than 5% at one point, and Ganfeng Lithium (01772) surged 13.3%;
The Dow closed at 43,268 points on Tuesday (19th), down 120 points or 0.28%; the index rose 0.4% to 5916 points; the NASDAQ rose 1.04% to 18,987 points; in terms of individual stocks, Citibank and Goldman Sachs shares fell 0.6% and 1.1% respectively, but Walmart raised its full-year performance forecast, and the stock price reached a record high, rising 3% against the market. The stock price of Nvidia (Nvidia), which announced results after the market closed on Wednesday, rose 4.9%. As the strongest Dow component, Google's parent company Alphabet was reportedly asked by the US Department of Justice to split the Chrome browser, and the stock price rose 1.6%. The Asia-Pacific stock market moved individually this morning (20th). The Nikkei 225 Index now reports 38,303 points, down 110 points, or 0.29%. The South Korea Composite Index now stands at 2,482 points, up 10 points, or 0.42%. At the beginning of the AI era, Alibaba had pioneering value in AI and cloud computing.
Market Focus: Xiaomi Group-W (01810)
The Xiaomi Group announced its results for the third quarter of 2024. This quarter's revenue reached 92.5 billion yuan (RMB, same below), a year-on-year increase of 30.5%, reaching a record high. By business, smartphone revenue increased 13.9% from 41.6 billion yuan in the 3rd quarter of 2023 to 47.5 billion yuan in the 3rd quarter of 2024, mainly due to an increase in the average sales price (ASP”) of smartphones and shipments. The IoT and consumer products business (black and white appliances, tablets, watches, headsets, etc.) generated revenue of 26.1 billion yuan, an increase of 26.3% over the previous year. This is mainly due to the increase in revenue from major smart appliances and certain consumer products in mainland China, tablets in overseas markets, and wearable products in the global market. Internet business (advertising, gaming, finance, etc.) revenue was 8.5 billion yuan, up 9.1% year over year, reaching a record high. In the automotive business, SU7 delivered 39,790 vehicles in the third quarter, bringing smart electric vehicle revenue to 9.5 billion yuan and an adjusted net loss of 1.5 billion yuan. The gross margin of the Group's smart car business division increased from 15% in the second quarter to 17% in the current quarter. In the third quarter, the Group delivered a total of 39,790 vehicles, and in the first month of the fourth quarter, the Group delivered 20,000 vehicles. The Group is expected to deliver more than 0.06 million vehicles in total in the fourth quarter. The Group's revenue reached a record high for two consecutive quarters, and it is believed that its market share will continue to rise.
Target price $33, stop loss price $24
(The author is a licensed person of the Securities Regulatory Commission and the author does not hold the above shares)
Author: Dr. Tang Sheng-hing, Chairman of the Hong Kong Association of Equities Analysts
