Jinwu Financial News | China Merchants Securities released a research report showing that Xiaomi Group (01810) has achieved impressive results in multiple IoT, automotive, and mobile phone businesses; AI-related layout and global development continue to advance. It is expected that in the future, Xiaomi will increase the deep integration of AI technology in multiple terminals such as smartphones, IoT, and automobiles to comprehensively enhance the user experience across the entire ecosystem.
According to the bank, as the world's leading mobile phone brand, the company is actively promoting high-end strategy and international expansion. It is expected that high-end mobile phone sales will be +43% year over year; the major electronics business will enter a new growth stage with broad room for growth in 24; the Internet business is expected to continue to grow steadily; the gross margin performance of the automobile business continues to exceed expectations, successfully completing all annual targets such as annual delivery, smart driving technology, and sales networks in 24. Along with the continuous improvement of the subsequent model matrix and the synergy of the ecological chain, the company is expected to join the first tier of new domestic forces and strive to join the top five global cars in 15-20 The factory's goal is to advance.
The bank predicts that the company's total revenue for 24/25/26 is 356.7/462.4/565.3 billion yuan, net profit to mother is 20/30.6/38 billion yuan, and the PE corresponding to the current market value is 38.9/25.4/20.5 times; adjusted net profit is 24.7/34.6/42 billion yuan, and PE corresponding to the current market value is 31.6/22.5/18.5 times. Maintaining a “Highly Recommended” rating, we are optimistic about the company's medium- to long-term market value growth potential.