英文【高盛】小米集团（1810.HK）：强劲的AIoT销售推动1Q25利润增长；关注XRING及战略产品发布会新品；买入

Key Data __________________________________ GS Forecast ________________________________ GS Factor Profile ____________________________ Source: Company data, Goldman Sachs Research estimates. See disclosures for details.Market cap: HK$1.3tr / $169.1bnEnterprise value: HK$1.1tr / $142.8bn3m ADTV: HK$16.7bn / $2.1bnChinaChina Internet VerticalsM&A Rank: 3Leases incl. in net debt & EV?: No12/2412/25E12/26E12/27ERevenue (Rmb mn) New365,906.4474,740.6602,243.7717,109.2Revenue (Rmb mn) Old365,906.4476,271.8601,748.5714,764.5EBITDA (Rmb mn)30,821.246,942.765,103.680,420.6EPS (Rmb) New1.071.512.082.58EPS (Rmb) Old1.071.432.012.50P/E (X)16.631.222.618.2P/B (X)2.44.63.83.2Dividend yield (%)0.00.00.00.0CROCI (%)16.027.433.135.412/243/25E6/25E9/25EEPS (Rmb)0.330.370.360.381810.HK relative to Asia ex. Japan Coverage1810.HK relative to China Internet VerticalsGrowthFinancial ReturnsMultipleIntegratedPercentile20th40th60th80th100th What happened Xiaomi Corp. (1810.HK)’s President hosted a live-streaming session on May 17 where he disclosed strong operating metrics for smartphone/AIoT segments in 1Q25, and released Xiaomi Civi 5 Pro re-positioned as a lightweight flagship smartphone model as well as 6 new premium smart home appliance products across air con, washing machine, refrigerator, TV and water purifier segments. More importantly, this session lifted the curtain on Xiaomi’s 15th anniversary strategic product launch event in a few days, on which we expect the company to unveil i) the XRING O1 chip, Xiaomi’s first in-house SoC (System-on-Chip), which marks a new starting point for Xiaomi to break through hard-core technologies including chips, AI and OS (operating system); ii) new premium smartphone/tablet models, potentially carrying the XRING O1 chip; iii) YU7, Xiaomi’s 2nd EV model as a battery electric (BEV) mid-size crossover SUV, as well as the lap time of Xiaomi SU7 Ultra mass-production model at the Nürburgring race track. What’s new Smartphones: While GSe continues to be below consensus on nshipments (GSe 170mn in 2025E, 6% below Visible Alpha Consensus Data 181mn) due to less optimistic overseas shipment outlook from macro uncertainties, we stay constructive about Xiaomi’s structural market share gains in China vs. brands such as Apple and Honor (Exhibit 7), as well as premiumization efforts. We see XRING O1 as the most complex chip that Xiaomi has developed over the past decade (Exhibit 8), and look for more details on the integration of the XRING O1 chip into Xiaomi’s Human x Car x Home ecosystem and HyperOS, which should further boost holistic 1810.HK12m Price Target: HK$62.00Price: HK$51.00Upside: 21.6%Xiaomi Corp. (1810.HK) Strong AIoT sales to drive higher 1Q25 profit; Eyes on XRING and new models at the strategic product launch event; Buy18 May 2025 | 7:06PM HKT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that