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Xiaomi Corp Class B 01810

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Stock XHKG Rating as of
HK$21.95 +0.45 (2.09%)
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As of Delayed Price Closed

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Xiaomi Earnings: Margins Rising and Strong EV Debut; Fair Value Raised to HKD 19.70 From HKD 16.80

Dan Baker

Xiaomi’s second-quarter 2024 result exceeded our expectations, with the electric vehicles segment reporting a gross margin of 15.4% in the first quarter of selling EVs. Xiaomi indicated that the EV business contributed around CNY 2 billion in operating losses. Still, we estimate this is broadly in line with the research and development and other startup costs booked before the EVs started selling. Consolidated second-quarter revenue increased by 32%, with operating profit excluding investment valuation changes also up 46% to CNY 6 billion. This was the highest quarterly operating profit since the first quarter of 2021 despite it being the first quarter to include EV sales. The company’s margins are increasing across its portfolio due to increasing scale and premiumization.

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Price vs Fair Value

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01810 is trading at a 546% premium.
Price
HK$21.95
Fair Value
HK$17.50
Uncertainty
High
1-Star Price
HK$89.75
5-Star Price
HK$12.42
Economic Moat
Yfnv
Capital Allocation
Vqrfcdhxd

Bulls Say, Bears Say

Bulls

With US rules preventing Huawei sourcing semiconductors with US technology used in production, Xiaomi should benefit from Huawei curtailing smartphone production.

Bears

Xiaomi faces strong competition from the biggest Chinese internet companies in the high margin internet services business.

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News

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Trading Information

Previous Close Price
HK$21.50
Day Range
HK$21.15–22.45
52-Week Range
HK$11.56–22.45
Bid/Ask
HK$21.95 / HK$22.00
Market Cap
HK$547.63 Bil
Volume/Avg
347.9 Mil / 105.4 Mil

Key Statistics

Price/Earnings (Normalized)
21.87
Price/Sales
1.67
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
0.27%

Company Profile

Xiaomi is a technology product and services company founded in early 2010, focusing mainly on smartphones and Internet of Things products and related internet services. An early adopter of online smartphone sales, Xiaomi uses Android as its operating system but has its own customized user interface called MIUI. As competition in its home Chinese smartphone market intensified and growth has slowed, it has expanded into other markets and has become the smartphone market leader in India and is gaining market share in Europe. From 2020 to 2024, from a country perspective, around 50% of its overall revenue was generated in mainland China, down from 94% in 2015. The company listed on the Hong Kong market at the beginning of July 2018.
Sector
Technology
Industry
Consumer Electronics
Stock Style Box
Large Growth
Total Number of Employees
37,525
Website
https://www.mi.com

Competitors

Valuation

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Metric
01810
00992
005930
Price/Earnings (Normalized)
 21.8716.1015.73
Price/Book Value
 4.573.101.17
Price/Sales
 1.670.321.36
Price/Cash Flow
 21.788.396.40
Price/Earnings
01810
00992
005930

Financial Strength

Metric
01810
00992
005930
Quick Ratio
 1.120.561.80
Current Ratio
 1.610.872.58
Interest Coverage
 12.462.6129.22
Quick Ratio
01810
00992
005930

Profitability

Metric
01810
00992
005930
Return on Assets (Normalized)
 7.38%3.03%6.04%
Return on Equity (Normalized)
 22.86%21.77%7.81%
Return on Invested Capital (Normalized)
 11.18%16.60%6.57%
Return on Assets
01810
00992
005930

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