持续深耕全球布局，聚焦全球市场增长机遇。分地区看，公司24H1 国内/海外收入分别为884.5/759.5 亿元，同比+22.71%/+38.71%；其中24Q2 国内/海外收入分别为508.1/380.8 亿元，同比+28.36%/+37.11%。The company is a leading global consumer electronics and smart hardware company. The Xiaomi Group was founded in 2010 and focuses on R&D, production and sales of cost-effective smartphones. Since the establishment of the company, the Xiaomi Group has continued to expand its product line, covering various fields such as smartphones, laptops, smart TVs, smart homes, wearable devices, and smart cars. In 2018, Xiaomi was listed on the Hong Kong Stock Exchange. According to Canalys data, Xiaomi's smartphone shipments in 2023 are in the top three in the world. As of 24Q2, the company's global smartphone shipments have been ranked in the top three in the world for 16 consecutive quarters.
Adjusted net profit increased significantly, and cash reserves reached a record high. The company's revenue for 23 years was 271 billion yuan, -3.2% year on year; operating profit was 20 billion yuan, +610.4% year over year; adjusted net profit was 19.3 billion yuan, +126.3% year over year; and cash reserves reached 136.3 billion yuan. The company's 24H1 revenue was 164.4 billion yuan, +29.6% year on year; operating profit was 9.6 billion yuan, -3.7% year over year; adjusted net profit was 12.7 billion yuan, +51.3% year over year, and cash reserves reached 141 billion yuan, a record high.
Gross margin increased steadily, and profitability was fully restored. The gross margin for 23 years was +4.22pct to 21.21%, the net profit margin was +4.07pct to 7.11% yoy, and the sales/management/ R&D expenses ratio was -0.52pct/+0.07pct/+1.32pct to 7.1%/1.89%/7.05%, respectively. 24H1 gross margin was +1.12 pct to 21.43% year on year, net profit margin was +1.1 pct to 7.7% year on year, and sales/management/R&D expenses ratio was +0.16 pct/-0.15 pct/-0.35 pct to 6.92%/1.65%/6.48% year on year, respectively.
Continue to cultivate the global layout and focus on growth opportunities in the global market. By region, the company's 24H1 domestic/overseas revenue was 88.45/75.95 billion yuan respectively, +22.71%/+38.71% year-on-year; of these, 24Q2 domestic/overseas revenue was 50.81/38.08 billion yuan, respectively, +28.36%/+37.11%.
The core business sector has been steadily developing, and the IoT and Internet businesses have reached new heights. 24H1 global smartphone shipments reached 82.8 million units, +30.8% year over year, ranking third, with a market share of +2.1 pct to 14.2% year over year, revenue +29.9% year over year, gross margin +1.18 pct to 13.5% year over year, high-end mobile phone shipments accounted for +1.7 pct to 21.9% year on year; IoT and consumer goods business revenue of 47.1 billion yuan, a record high of +20.6% year over year, gross margin +3 pct to 19.8 %. Revenue from the smart appliances business was +40.5%, global tablet shipments ranked fifth, and wearable wristband devices ranked second in global shipments; Internet business revenue was 16.3 billion yuan, +12.7% year over year, a record high, with gross margin of +3.1 pct to 76.3% year over year.
The automobile business is remarkable, and the entire ecological layout of people and cars is perfect. The company officially released the Xiaomi SU7 series smart electric vehicle on March 28, '24. 24Q2's revenue from innovative businesses such as smart electric vehicles was 6.4 billion yuan, with a gross margin of 15.4%, of which the revenue from smart electric vehicles was 6.2 billion yuan, and revenue from other related businesses was 0.2 billion yuan. 24Q2's Xiaomi SU7 series delivered 0.0274 million new vehicles. In June of this year, the Xiaomi car factory began double-shift production and continued to expand production capacity. It is expected to complete the target of delivering 0.1 million SU7 series vehicles ahead of schedule in November this year, making every effort to sprint 24 to the new target of delivering 0.12 million vehicles throughout the year.
Investment advice. The net profit of the Xiaomi Group's three traditional businesses (mobile phone, IoT, and Internet business) of 24E other than the automobile business is 19.212 billion yuan. We comprehensively consider the average PE of companies with comparable traditional Xiaomi businesses, and combined with the high valuation of the mobile phone industry and the rapid growth characteristics of the Xiaomi Group in the lot, we gave the business part 24E 22-26X PE; the automobile business 24E revenue was 25.85 billion yuan. The leading domestic NEV companies were the average of comparable companies PS, we're giving its 24E 2.5 X PS. Considering the total foreign investment of the Xiaomi Group of 67.1 billion yuan, we predict that the total market capitalization range of the Xiaomi Group is HK$613.33-698.348 billion, and the corresponding reasonable value range is HK$24.58-27.98, giving the first coverage a “superior to the market” rating.
Risk warning: Demand for smartphone terminals falls short of expectations, continued rise in raw material costs, risk of macroeconomic fluctuations, etc.
