In the latest research report of CITIC Securities, Xiaomi’s high-end folding smartphone MIX Fold began to ship one after another. At present, the company’s mobile phones have covered the price range of 499-12999 yuan, and the product lineage has been further improved. In the future, with the continuous increase of Xiaomi 11 Pro/Ultra and MIX FOLD, it is judged that the ASP of mobile phone products will continue to increase.
Based on the changes in the mobile phone industry’s competitive landscape, the initial results of Xiaomi’s high-end strategy, and the lack of stock environment since this year, it is predicted that the company’s mobile phone shipments and gross profit margin in 2021Q1 will further increase compared to 2020Q4, and Q1 shipments are expected to be close to 50 million units. Earnings elasticity goes up.
Looking forward to the whole year, CITIC Securities judges that Xiaomi’s smartphone shipments are expected to exceed 200 million units, the growth rate of the IoT business rebounds, and the Internet business has a stronger performance after Q3. In addition, on March 30, the company formally announced that it will build a car, which will open up medium and long-term growth space.
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The company continued to repurchase in the past 10 trading days at a repurchase price of HK$24.6-26.9. The cumulative repurchase was HK$3.71 billion, accounting for 18% of the total turnover in the same period, demonstrating the company’s strong confidence. CITIC Securities continues to be optimistic about the company’s long-term strategy of “Mobile Phone × AIoT” and maintains its “Buy” rating and target price of HK$36.
In 2020, Xiaomi’s smartphone business will grow against the trend, its market share will expand, and it will continue to launch highly competitive high-end products. In 2020, Xiaomi smartphone shipments reached 146 million units, a year-on-year increase of 17.5%.
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