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Investment Summary

Xiaomi (1810.HK) is an internet company with smartphones and smart hardware connected by an IoT platform at its core. After ten years of development, the company’s annual revenue has exceed RMB 240 billion, and its products were sold in more than 100 countries and regions around the world. In the second quarter of 2021, according to Canalys, the company became the world’s second largest smartphone manufacturer for the first time. Besides, the company has also created many smart hardware products, many of which have the largest sales volume and built the world’s largest consumer IoT platform. As of June 2021, MIUI’s monthly active users have reached 454 million and it provides them with a series of innovative internet services.

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Continuous increasing overseas market share, Entering the high-end market Xiaomi began its global expansion in 2014 and has accelerated its pace since 2016. In the fourth quarter of 2020, the company’s smartphone shipments in 54 countries and regions
around the world ranked in the top five. In the second quarter of 2021, accounting to Canalys data, Xiaomi’s shipments in Latin America, Africa and Western Europe increased by 300%, 150% and 50% respectively. It is favorable for Xiaomi to hit the high-end market in the longterm and compete for more market share in the high-end market. Benefiting from the continuous increase in sales of mid-to-high-end products, the company’s smartphone ASP has steadily increased. In 2020, the ASP will be approximately RMB 1,040 (+6.1% yoy). In the first half of 2021, the company’s global shipments of smartphones with RMB 3,000 or above in mainland China and priced at 300 euros and above overseas exceed 12 million units, surpassing approximately 10 million units in 2020.

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投資概要

小米集團(1810.HK)是一家以手機、智能硬件和 IoT 平台為核心的互聯網公司。經過十年 的發展公司的年收入突破兩千四百億元人民幣,產品在全球銷住 100 多個國家和地 區。在 2021 年第二季,根據 Canalys 的數據,公司首次成為全球第二大的智能手機製 造商。同時,公司亦創造出眾多智能硬件產品,其中多個品類銷量第一;並建成了全 球最大消費類IoT 物聯網平台。截至 2021 年 6 月,MIUI 的月活躍用戶達到 4.54 億,並為他們提供一系列創新的互聯網服務。

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智能手機海外市佔率不斷提升 並進軍高端手機市場

小米從 2014 年開始全球擴張,2020 年第四季,公司在全球 54 國家和地區的智能手機 出貨量排在前五名。目前,小米手機海外市場主要依賴全球三大市場,分別為歐洲市場、印度市場和其他新興市場。在2021年第二季,根據Canalys的數據,小米在拉美、非洲和西歐這三個市場的出貨量分別增加 300%、150%、50%。小米為搶奪各價格層的市佔率,採用了品牌分拆戰略,並開始沖擊高端市場以及在高端市場上爭奪更多的市場份額。受益於中高端產品銷量持續上升,公司的智能手機ASP穩步提升,2020年ASP為約 1040 元人民幣,同比增長 6.1%。在 2021 年上半年,公司在中國大陸地區人民幣3,000 元或以上及境外定價在 300 歐元及以上的智能手機全球出貨量超過 12 百萬台,超過 2020 年全年的約 10 百萬台。

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