Xiaomi's first-quarter revenue increased 27% year-on-year and plans to deliver 120,000 SU7s this year

Tencent Technology

2024-05-23 17:34Posted on the official account of Beijing Tencent News Technology Channel

Tencent Technology News reported on May 23 that Xiaomi announced its results for the first quarter of 2024. Xiaomi's revenue in the first quarter was 75.51 billion yuan, a year-on-year increase of 27%, and the market estimate was 73.54 billion yuan.

Xiaomi's net profit in the first quarter was 4.18 billion yuan, compared with the market estimate of 4.07 billion yuan. Adjusted net profit for the first quarter was RMB6.49 billion, up 100.8% year-on-year, including RMB2.3 billion for innovative businesses such as smart electric vehicles, compared to a market estimate of RMB5.13 billion. The overall gross profit margin reached 22.3%, an increase of 2.8 percentage points year-on-year.

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Xiaomi's smartphone revenue in the first quarter was 46.5 billion yuan, an increase of 32.9% year-on-year, and the market estimate was 45.05 billion yuan. Xiaomi's global smartphone shipments were 40.6 million units, a year-on-year increase of 33.7%.

Xiaomi Group said that in the first quarter of 2024, the market share of smartphones in the RMB 5,000~6,000 price segment in Chinese mainland reached 10.1%, an increase of 5.8 percentage points year-on-year.

The overall ASP of smartphones decreased slightly by 0.6% from RMB1,151.6 per unit in Q1 2023 to RMB1,144.7 per unit in Q1 2024 due to an increase in the proportion of revenue from overseas markets, where ASP is lower.

Xiaomi's R&D expenditure in the first quarter was 5.2 billion yuan, an increase of 25.4% year-on-year, and the market estimate was 5.16 billion yuan.

Xiaomi Group said that the goal is to deliver more than 10,000 new cars of the Xiaomi SU7 series in a single month by June 2024. It is planned that by the end of 2024, the sales and service network of Xiaomi Auto will reach 219 sales stores, covering 46 cities; There are 143 service centers covering 86 cities, basically covering all provinces (including autonomous regions and municipalities directly under the central government) in Chinese mainland.

As of April 30, the cumulative number of orders locked for the Xiaomi SU7 series has reached 88,100 units, and as of May 15, the cumulative delivery of new cars for the Xiaomi SU7 series has reached 10,000 units. This year, it is planned to deliver 120,000 Xiaomi SU7 series electric vehicles.

Details of Xiaomi's first quarter 2024 results are attached:

Revenue

Revenue was $75.5 billion, up 27.0% from $59.5 billion in the first quarter of 2023.

Among them, the revenue of the smart phone segment was 46.5 billion yuan, a year-on-year increase of 32.9%. This is mainly due to the increase in smartphone shipments.

In the first quarter, Xiaomi shipped 40.6 million smartphones, an increase of 33.7% compared to 30.4 million units in the first quarter of 2023. The average selling price (ASP) of smartphones was 1,144.7 yuan, down 0.6% from 1,151.6 yuan in the first quarter of 2023.

The revenue of the IoT and consumer products segment was 20.4 billion yuan, an increase of 21.0% compared with 16.8 billion yuan in the first quarter of 2023.

The revenue of the Internet service segment was 8 billion yuan, an increase of 14.5% year-on-year. Among them, advertising revenue was 5.5 billion yuan, a year-on-year increase of 25.4%; Game revenue was 1.2 billion yuan, down 7.7% year-on-year.

Other income was stable at $600 million, comparable to the first quarter of 2023.

Cost of goods sold

Cost of sales was $58.7 billion, an increase of 22.5% compared to $47.9 billion in the first quarter of 2023.

Among them, the cost of sales of the smartphone segment was 39.6 billion yuan, an increase of 27.5% compared to 31.1 billion yuan in the first quarter of 2023.

The Cost of Sales of the IoT & Consumer Products segment was $16.3 billion, an increase of 15.1% compared to $14.2 billion in the first quarter of 2023.

The Internet Services segment's cost of sales was $2.1 billion, an increase of 6.4% compared to $1.9 billion in the first quarter of 2023.

The cost of sales of other segments was $0.7 billion, essentially flat compared to the first quarter of 2023.

Gross profit and gross margin

Gross profit was $16.8 billion, an increase of 45.2% compared to $11.6 billion in the first quarter of 2023. Gross margin was 22.3%, compared to 19.5% in the first quarter of 2023.

Among them, the gross margin of the smartphone segment was 14.8%, compared to 11.2% in the first quarter of 2023.

The gross margin of the IoT & Consumer Products segment was 19.9%, compared to 15.7% in the first quarter of 2023.

The Internet Services segment gross margin was 74.2%, compared to 72.3% in the first quarter of 2023.

R&D expenditures

R&D expenditure was $5.2 billion, an increase of 25.4% compared to $4.1 billion in the first quarter of 2023, mainly due to an increase in R&D expenditure related to the smart electric vehicle business and other innovative businesses

Sales and promotion expenses

Sales and promotion expenses were $5.5 billion, an increase of 33.6% compared to $4.1 billion in the first quarter of 2023, mainly due to higher publicity and advertising and logistics expenses.

Administrative expenses

Administrative expenses were $1.5 billion, an increase of 34.2% compared to $1.1 billion in the first quarter of 2023, mainly due to the provision for credit losses on receivables and higher administrative expenses related to the smart electric vehicle business and other innovative businesses.

Income tax expense

Income tax expense was $1.0 billion, a decrease of 16.4% compared to $1.3 billion in the first quarter of 2023, mainly due to a decrease in operating profit in the first quarter of 2024.

profit

Compared to the first quarter of 2023, the profit in the first quarter of 2024 remained stable at 4.2 billion yuan.

Adjusted net profit

Adjusted net profit was $6.5 billion, an increase of 100.8% compared to $3.2 billion in the first quarter of 2023.

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