In 2021, for Lei Jun and Xiaomi, it is undoubtedly extremely busy. Whether it is the official announcement of the car, or the official shouting of the slogan of the standard Apple, Lei Jun led the Xiaomi Group and has been active in the field of public opinion. Now, pinching the node of the official announcement of the car for one year, Xiaomi Group released the 2021 report card: the total revenue reached 328.3 billion yuan, an increase of 33.5% year-on-year; the adjusted net profit reached 22 billion yuan, an increase of 69.5% year-on-year.
Such a beautiful report card, but can not get the favor of the capital market. Throughout 2021, the market value of Xiaomi Group has shrunk by as much as 43%. For investors, it is becoming increasingly difficult for Xiaomi to maintain high growth in the smartphone market, and cars are promising new businesses.
Net profit increased significantly
In the global smartphone shipment rankings, Xiaomi has become a new responsibility for domestic brands. In the second quarter of last year, its shipments surpassed Apple and ranked second in the world.
What is the revenue of such a millet group? A few days ago, the company released its 2021 financial report showing that it achieved a total revenue of 328.3 billion yuan, an increase of 33.5% year-on-year; a net profit of 19.3 billion yuan, down 4.99% year-on-year, and an adjusted net profit of 22 billion yuan, an increase of 69.5% year-on-year.
Looking at the data simply, this is the second best financial report in the 5 years since Xiaomi was listed. Xiaomi, which makes money in this way, has encountered investors voting with their feet in the secondary market. Statistics show that in the whole year of 2021, the market value of Xiaomi Group shrank by 43%.
Why has the net profit risen sharply, but the market value has shrunk sharply? Putting aside macro factors, toutiao bacteria believe that after proposing the benchmarking slogan, Xiaomi has not yet opened the imagination space in terms of high-end.
As the main business, Xiaomi mobile phones still face no small challenges. In the global market, according to Canalys data, in the fourth quarter of 2021, Xiaomi shipments lagged behind Apple and Samsung. This means that Xiaomi has worked hard for a year, and the global market share is still standing at the level of 12%. In the domestic market, Xiaomi is even more suppressed by glory and ranks fourth.
In particular, it is worth mentioning the high-end market strategy. At the end of last year, at the Xiaomi 12 press conference, Lei Jun officially announced that it was benchmarking Apple. Throughout 2021, Xiaomi's high-end smartphone shipments increased from the previous 7% to 13%, making no small progress. But its average selling price of 1143 yuan is still difficult to shake the price band market of more than 5,000 that Apple firmly controls.
In 2021, Xiaomi mobile phones are growing against the trend, and in the context of intensified competition from head brands, it is obviously not easy to maintain the growth trend.
Mobile phone not enough cars to make up?
Looking at the global smartphone market, the ceiling is still faintly visible. In 2021, the global smartphone market shipped 1,354.8 million units, an increase of 5.7% year-on-year. At present, some institutions have cut the growth rate in 2022 to 3.1%. In the fourth quarter of 2021, Shipments of China's mobile phone market also fell by 3.5% year-on-year.
Seeing the decline of the smartphone market, Lei Jun set his sights on new energy vehicles. In March 2021, Lei Jun "bet on all his achievements and reputation" and promised to invest $10 billion in 10 years to build cars.
At present, this is undoubtedly a high-boom track. In 2021, China's new energy vehicle sales increased by 157.5% year-on-year to 3.5 million units, and the market growth rate far exceeded that of the smartphone industry. Some institutions even expect that in 2022, the production and sales of new energy vehicles in the mainland will exceed the mark of 6 million units.
Because of this, many investors have high hopes for Xiaomi's car. However, the ideal is very full, and the reality is very bone. At present, Xiaomi's car is still a bottomless pit of investment. At present, the first batch of 10 billion yuan has been invested. This kind of real money and silver burning money is bound to affect the net profit level of millet.
How is the car-making business, which investors value so much, progressing now? Xiaomi's latest financial report uses "beyond expectations" to describe the current situation of this business segment, and it is expected to achieve mass production in the first half of 2024.
For car building, tomautiao has several doubts. On the one hand, the current price of lithium carbonate in the upstream of the industrial chain has reached a new high, resulting in power battery companies having to increase prices. In order to cope with the increase in costs, car manufacturers have sacrificed price increases. Whether this will extinguish consumer enthusiasm for car purchases, new data is needed to falsify it.
On the other hand, Xiaomi benchmarked Apple, holding $250 billion in cash reserves, and has repeatedly repeatedly built cars. From the Titan project, which began in 2014, to mass production in 2025, Apple cars have been difficult to produce.
In any case, car manufacturing is a big thing that requires time, talent, and funds, and what kind of confidence Xiaomi has, to come up with a product that "breaks through everyone's imagination", is undoubtedly confusing at present. The basic disk is unstable, the car is still a money-burning plate, xiaomi wants to get the favor of investors, obviously not a share repurchase can solve the problem. 0