Jinwu Financial News | Huaxi Securities released a Research Report stating that according to Financial界, information from the National Intellectual Property Administration shows that Peking Xiaomi Mobile Programme Co., Ltd. has obtained a patent named "Support Component and Refrigerator", with authorization announcement number CN222143462U, and the application date is December 2023. According to the Refrigeration Network public account, GSMChina reports that Xiaomi has confirmed it will launch a Global home appliance market expansion plan next year, initially focusing on Southeast Asia, including countries such as Thailand and Malaysia.
The institution stated that according to the announcement from Xiaomi Group (01810), in the third quarter of 2024, the market share of Xiaomi smartphones in multiple regions worldwide has ranked among the top three, and in Africa and Southeast Asia, the shares are also increasing year-on-year, reflecting Consumer awareness of the Xiaomi brand and the recognition of its products. The institution believes that Xiaomi's home appliances are likely to reuse the channels and brand recognition of leading global businesses like smartphones to make breakthroughs in overseas markets.
The institution estimates that the company’s revenue for 2024-26 will be 353.7/407.2/461.1 billion yuan, with year-on-year growth of +31%/+15%/+13% respectively. The net income attributable to the parent company will be 19.2/24.7/30.1 billion yuan, with year-on-year growth of +10%/+29%/+22% respectively. The corresponding EPS will be 0.77/0.99/1.21 yuan, based on the closing price of 30.35 Hong Kong dollars on December 16, 2024 (according to Wind, on December 16, 2024, 1 HKD = 0.92 CNY), the corresponding PE will be 36/28/23 times. The comparable company valuation mean for the smartphone and IoT and appliance business in 2024 is 28 times, and the comparable company PS valuation mean for the electric vehicle business in 2024 is 1.4 times. This is the first coverage, with a "Shareholding" rating.
