Xiaomi shipped 29.2 million smartphones this quarter, a year-on-year increase of 4.7%.

After the Hong Kong stock market on May 20, Xiaomi Group (1810.HK, hereinafter referred to as “Xiaomi”) released its first quarter earnings report for 2020. Xiaomi ’s revenue for the quarter was 49.702 billion yuan, a year-on-year increase of 13.6%, higher than Bloomberg Unanimously expected (478.67 billion yuan); adjusted net profit for the quarter was 2.3 billion yuan, an increase of 10.6% year-on-year, higher than Bloomberg’s consensus expectation (2.126 billion yuan).

Specifically, this quarter, Xiaomi ’s smartphone business revenue was 30.3 billion yuan, up 12.3% year-on-year; IoT and consumer products business revenue was 13 billion yuan, up 7.8% year-on-year. The production, transportation and installation of large household appliances have been greatly affected by the epidemic; Internet service business revenue was 5.9 billion yuan, a year-on-year increase of 38.6%, mainly benefiting from the diversification of Internet services.

In addition, Xiaomi ’s the first quarter ’s overseas market revenue reached RMB 24.8 billion, a year-on-year increase of 47.8%, accounting for total revenue 50%, for the first time the contribution of overseas income accounted for half.

In terms of operational data, Xiaomi ’s smartphone shipments this quarter were 29.2 million units, an increase of 4.7% year-on-year; in March 2020, MIUI monthly active users reached 330.7 million, an increase of 26.7% year-on-year, mainly benefiting from Xiaomi “letter-spacing: 0px;”> Increase in global mobile phone market share Long; The number of connected IoT devices (excluding smartphones and laptops) on the IoT platform reached 252 million units, a year-on-year increase of 42.6%.

Xiaomi disclosed, subject to to 5G and other high-end models Pull, in the first quarter of 2020, Xiaomi ’s global average smartphone selling price (ASP) increased year-on-year 7.2% , Of which the average selling price of Xiaomi ’s smartphones in the mainland China market increased by 18.7% year-on-year, Overseas market increased by 13.7% year-on-year.

Talking about the impact of the epidemic, Xiaomi said in the financial report, Since the end of the first quarter, With the gradual alleviation of the epidemic in mainland China, the sales of major products have returned to the level before the end of the first quarter at the end of the first quarter. At present, the supply end of the Chinese market is resumed. The production is going smoothly, the offline passenger flow is gradually recovering, and the demand-side rebound trend is obvious. From our data, our China China ’s mobile phone sales have gradually returned to pre-epidemic levels since March 2020; smart TV shipments have also Sharp back L.

For the second quarter of the overseas market with greater pressure, Xiaomi mentioned in the financial report, Under the influence of the epidemic, other overseas markets have also adopted different forms of response measures, which are expected to have an impact on the second quarter’s performance. However, Xiaomi said that with the gradual unblocking of markets such as India and Europe, consumer demand rebounded significantly, Decentralized market layout allows us to quickly carry out cross-regional strategic deployment and funding source configuration to deal with the impact of the outbreak.

Before the financial report is released, the smallMi shares have recently been optimistic about multiple brokers, among which Credit Suisse and JPMorgan Chase upgraded the ratings of Xiaomi to “Outperform” and “Hold”, DBS Bank reiterated its “Buy” rating and raised its target price to 15 Hong Kong dollar.

Credit Suisse believes that the Xiaomi Group ’s overseas sales recovery has exceeded expectations, and the market share has continued to increase, raising Xiaomi ’s smartphone shipment forecast this year and next by 7% and 10%, respectively.

In addition, Morningstar became the only institution that downgraded Xiaomi ’s stock in May. On May 19, it downgraded Xiaomi ’s stock from “hold” to “sell” with a target price of HK $ 9.8.

As of press time, Bloomberg data shows that Xiaomi shares have a total of 33 “buy” ratings, 7 “hold” ratings, 2 “sell” ratings, and a 12-month average target price of 13.17 Hong Kong dollars.

Hong Kong stocks closed today, the Hong Kong Hang Seng Index fell 0.07%, Xiaomi’s stock price closed at 12.8 Hong Kong dollars, an increase of 1.11%, and once rose to 12.92 Hong Kong dollars in intraday trading, a new high since March 6.