--- title: "Guotai Junan Securities: Maintain Xiaomi Corporation-W \"Outperform\" rating, intelligent electric vehicles to achieve profitability for the whole year" type: "News" locale: "en" url: "https://longbridge.com/en/news/283100538.md" description: "Guotai Junan Securities maintains Xiaomi Corporation-W \"outperform\" rating, expecting the company's total revenue to reach RMB 457.3 billion and net profit to reach RMB 39.2 billion in 2025, both hitting record highs. The smart electric vehicle business is expected to achieve annual profitability for the first time, with an estimated delivery of 410,000 new vehicles. In 2025, the smartphone business revenue is expected to be RMB 186.4 billion, with global shipments of 165 million units and a market share of 13.3%" datetime: "2026-04-17T06:43:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283100538.md) - [en](https://longbridge.com/en/news/283100538.md) - [zh-HK](https://longbridge.com/zh-HK/news/283100538.md) --- # Guotai Junan Securities: Maintain Xiaomi Corporation-W "Outperform" rating, intelligent electric vehicles to achieve profitability for the whole year According to the Zhitong Finance APP, Guosen Securities has released a research report stating that considering the upward trend in storage affecting the consumer electronics market, it has adjusted the profit forecast for Xiaomi Group-W (01810), expecting the net profit attributable to the parent company to be RMB 36.2 billion, 40.6 billion, and 49.5 billion for 2026-2028; it is optimistic about the synergy of the company's full ecosystem layout of people, vehicles, and homes, as well as the performance growth brought by the expansion into overseas markets, maintaining an "outperform the market" rating. ## The main points of Guosen Securities are as follows: **In 2025, the company's revenue and profit will reach a historical high, with an annual gross margin increase year-on-year** Total revenue in 2025 is expected to be RMB 457.3 billion (YoY +25.0%), with adjusted net profit of RMB 39.2 billion (YoY +43.8%), both reaching historical highs. The gross margin for 2025 is projected to be 22.3% (YoY +1.4pct). By business segment, revenue from mobile phones × AIoT is expected to be RMB 351.2 billion (YoY +5.4%), while revenue from smart electric vehicles and AI-related innovative businesses is expected to be RMB 106.1 billion (YoY +223.8%). Total revenue for Q4 2025 is expected to be RMB 116.9 billion (YoY +7.3%), with adjusted net profit of RMB 6.3 billion. **Smart electric vehicle business achieves annual profitability** In 2025, the smart electric vehicle and AI-related innovative business segment is expected to achieve annual operating profitability for the first time, with operating income of RMB 900 million. The company is expected to deliver 410,000 new cars in 2025, a year-on-year increase of 200.4%, with automotive business revenue reaching RMB 103.3 billion, mainly benefiting from increased delivery volumes and the higher ASP of the Xiaomi SU7 Ultra and Xiaomi YU7 series deliveries. The gross margin for smart electric vehicles and AI-related innovative businesses in 2025 is expected to be 24.3%, an increase of 5.8pct year-on-year. The company continues to expand its sales service network, with automotive sales stores reaching 477 by December 31, 2025, covering 138 cities. The company's automotive delivery target for 2026 is 550,000 units. **Smartphone shipments remain in the top three globally, IoT and internet business revenue reaches a historical high** In 2025, the company's smartphone business revenue is expected to be RMB 186.4 billion, with global shipments of 165 million units, maintaining a position in the top three globally for five consecutive years, with a market share of 13.3%. Revenue from IoT and consumer products is expected to reach RMB 123.2 billion in 2025, a year-on-year increase of 18.3%, reaching a historical high, with gross margin increasing by 2.8pct to 23.1% year-on-year. Among them, revenue from smart home appliances is expected to grow by 23.1% year-on-year, and global shipments of wearable wrist devices rank first. Internet service revenue is expected to be RMB 37.4 billion in 2025, a year-on-year increase of 9.7%, reaching a historical high, with advertising revenue of RMB 28.5 billion, a year-on-year increase of 15.2%. **Continuously increasing R&D investment, launching flagship base model and mobile Agent** The company continues to promote the "full ecosystem of people, vehicles, and homes" strategy, making large-scale investments in core underlying technologies, with R&D expenditure reaching RMB 33.1 billion in 2025, a year-on-year increase of 37.8%. In March 2026, the company officially launched the flagship base model Xiaomi MiMo-V2-Pro for the Agent era, with total parameters exceeding one trillion (1T). At the same time, the company fully empowers the full ecosystem of people, vehicles, and homes with AI capabilities, and the Xiaomi mobile Agent—Xiaomi miclaw has begun a small-scale closed beta test, focusing on validating the execution capabilities of large models in the Xiaomi full ecosystem Exploring the path from conversational capabilities to system-level execution capabilities. **Risk Warning:** Downstream demand may be below expectations; industry competition intensifies; exchange rate fluctuation risk ### Related Stocks - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) - [516380.CN](https://longbridge.com/en/quote/516380.CN.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [81810.HK](https://longbridge.com/en/quote/81810.HK.md) - [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md) ## Related News & Research - [German car buyers keen on Chinese EV maker BYD in first quarter, data shows](https://longbridge.com/en/news/282978612.md) - [These Allbirds AI jokes are as fire as the company's stock price](https://longbridge.com/en/news/282954479.md) - [What Allbirds needs to do to make its Hail Mary AI pivot succeed](https://longbridge.com/en/news/283043758.md) - [2 Undervalued AI Stocks That Could Skyrocket Soon](https://longbridge.com/en/news/282991032.md) - [Core AI and Allianca Group Form Strategic Joint Venture | CHAI Stock News](https://longbridge.com/en/news/282685079.md)