After the Hong Kong stock market on March 19, Xiaomi Group released its fourth-quarter and full-year results announcement for 2023.。

Data show that in the fourth quarter of 2023, Xiaomi Group's total revenue was 73.2 billion yuan (RMB, the same below), up 10.9%; adjusted net profit of 4.9 billion yuan, up 236% YoY.1%。In 2023, Xiaomi Group's total revenue was $271 billion, down 3.2%; adjusted net profit up 126.3% to $19.3 billion。

For the whole year, in 2023, Xiaomi's annual revenue reached 271 billion yuan, down 3% year-on-year due to the drag of the first two quarters of last year, but the good news is that Xiaomi's adjusted net profit for the year reached 19.3 billion yuan in 2023, up 126% year-on-year; in terms of gross margin, Xiaomi reached 21% in 2023, the highest level in history, up 4% year-on-year。

Xiaomi 14 first full sales quarter: smartphone shipments ranked third in the world

Xiaomi's quarterly revenue returned to double-digit growth, mainly due to the excellent performance of Xiaomi's mobile phone business in the second half of last year。

In the first full sales quarter of the Xiaomi 14 series (Q4 2023), Xiaomi's mobile phone sales grew 24% year-on-year, driving Xiaomi's full-year ASP up 19% year-on-year while outperforming the global market。According to Canalys, global smartphone shipments fell 4% year-over-year in 2023..3%, while Xiaomi's global smartphone shipments bucked the trend, ranking third with a market share of 12.8%。

In addition, in the high-end market, millet has broken the domestic 4K-6K price segment of the "dimensional wall."。According to Xiaomi, in the fourth quarter of 2023, Xiaomi ranked first in smartphone sales in the RMB 4K-6K price segment in mainland China, with a market share of 28.2%。Third-party data also confirms that in mainland China, high-end smartphone shipments accounted for more than 20% of Xiaomi's overall smartphone shipments in 2023, and the share further increased to about 28% in the fourth quarter of 2023.。

In this regard, Xiaomi Group President Lu Weibing said that Xiaomi will unswervingly promote high-end in the mobile phone business; in 2024, Xiaomi mobile phones must break through the price segment of 6,000 yuan to 10,000 yuan, in this price band scale。Previously, Lei Jun, founder of Xiaomi, also said that the continued hot sales of the Xiaomi 14 series is a major victory for Xiaomi in its high-end strategy.。

In overseas markets, Xiaomi is also adopting a new strategy。In 2023, the overseas ASP of Xiaomi mobile phones has declined, Lu Weibing mentioned in the earnings conference, this is because in India, the former main battlefield of Xiaomi, the release of Xiaomi's higher-priced models has been delayed, while the new emerging markets in Africa and Latin America, even though the market share has come up, are still the duration of lower consumption power.。

Xiaomi's mobile phone revenue fell nearly 10 billion yuan in the whole year, with a year-on-year increase of 40%

Specifically, Xiaomi's smartphone segment revenue of $44.2 billion in the last quarter exceeded market expectations by 432.600 million yuan, an increase of 20.6%, ending seven consecutive quarters of year-over-year decline。However, for the full year, revenue from the Xiaomi smartphone segment decreased by 5% from $167.2 billion in the same period last year..8% to $157.5 billion, down nearly $10 billion。

Xiaomi said that the decline in the mobile phone segment for the year was due to the decline in smartphone shipments and ASP。On the one hand, global smartphone shipments fell 4% year-on-year in 2023..3%, demand remains sluggish; on the other hand, Xiaomi's increased efforts to clear inventory in foreign markets in the first half of 2023 and increased shipments in emerging markets with lower ASP in the second half of the year led to a decline in Xiaomi's overall ASP。

Lu Weibing said that the Chinese market ASP data growth of about 20%, but the decline in overseas market ASP data is mainly due to two reasons, one is the adjustment of the Indian market, Xiaomi high-end mobile phone in the Indian market last year basically did not do listing.。Secondly, in the international market, outside the Indian market, the Group has increased its expansion into emerging markets, so its market share has grown rapidly in Latin America, the Middle East, Africa and other regions, which are mainly low-end products.。

Last quarter, Xiaomi IoT and consumer products revenue decreased by 21% from $6.5 billion in the fourth quarter of 2022..4% to $5.1 billion in the fourth quarter of last year, underperforming。According to Xiaomi, this is mainly due to a decrease in revenue from Xiaomi Smart TVs and Xiaomi notebooks。

But for the full year, Xiaomi's main home appliance revenue grew 40% year-on-year in 2023, mainly due to a recovery in consumption across the appliance industry, with a revenue boost。According to the financial report, many home appliances, including air conditioners, refrigerators and washing machines, were Xiaomi's best-selling products last year.。

In terms of Internet services, Xiaomi's revenue in the fourth quarter of 2023 reached 7.9 billion yuan, compared with the expected 78.500 million yuan in line; full-year revenue reached 30.1 billion yuan, up 6.3%, gross margin up to 41.2%, up 2.4 percentage points。The excellent performance of Internet services is mainly due to the improvement of user activity and payment ability.。

Lu Weibing on Xiaomi SU7: Pricing "a bit expensive"

In the earnings call, everyone's focus is only one - Xiaomi car SU7。

According to Xiaomi's previous forecast, the company will disclose the price of the Xiaomi car SU7 on March 28, with only one week left.。Yesterday, Xiaomi unveiled its own car super factory in Beijing。

Lei Jun revealed on Weibo that the company has invested 6.7 billion yuan in innovative businesses such as Xiaomi smart electric vehicles。If you add the "human car home" ecological construction, millet in the entire car ecological investment has exceeded 26 billion yuan.。In the fourth quarter, Xiaomi's R & D spending increased by 10% from $5 billion in the third quarter of 2023..0% to 5.5 billion yuan, most of the money is spent on building cars。

Xiaomi Group's overall cash flow remains healthy despite huge car spending。Financial data show that as of December 31, 2023, Xiaomi's cash reserves were RMB 136.3 billion, a record high.。Apparently Xiaomi is ready for a tough battle。

Lu Weibing said that after the release of Lei Jun's reservation tasting Weibo on March 13, the number of people who booked to the store for a test drive on that day increased by 100,000, which is still increasing recently, and the number of people who booked a test drive in a single store has exceeded 10,000, so he has repeatedly stressed that it is important to do a good job of receiving store users.。

When asked about the most concerned pricing of Xiaomi cars, Lu Weibing admitted that it would be "a little expensive," but I believe you will still find "value for money" after watching the March 28 conference.。He stressed that Xiaomi's phased goal is to enter the top three sales of pure electric luxury cars, but he also said that Xiaomi is more concerned about the user experience and word of mouth than sales.。

It is understood that the sales model of millet car is to take the "direct + to join" way。According to the introduction of millet cars, millet car sales service channels, to "1 + N" model priority coverage of the head market, the layout of the country in batches。Among them, "1" represents Xiaomi Auto's self-built delivery center, with delivery as the main function, covering "sales and after-sales service" business; "N" represents agency sales and user service contacts.。

According to the online image, Xiaomi will launch a total of four models for consumers to buy, namely SU7, SU7 Pro, SU7 Max and SU7FE, the market price is 21.90,000, 25.90,000, 29.90,000 and 33.90,000 yuan。