27 May 2024
Xiaomi reported its 1Q24 results, with revenue up 27.0% YoY to Rmb75.5bn, which saw growth accelerated from 10.9% YoY in 4Q23. Smartphone revenue growth maintained strong momentum, surged 32.9% YoY to Rmb46.5bn in 1Q24. Smartphone shipment also surged 33.7% YoY to 40.6m units while smartphone ASP slightly declined 0.6% YoY to Rmb1,145 in 1Q24. Xiaomi is on track to meet its 10-14% YoY shipment growth (or 15-20m shipment units increment) target. The decrease in ASP was primarily due to the strong growth of shipments in emerging markets including Middle East and Africa which carried lower ASP. According to Canalys, Xiaomi’s global smartphone market share increased from 11.3% in 1Q23 to 13.8% in 1Q24 while maintained global ranking No. 3 in terms of smartphone shipment. Xiaomi’s smartphone market share increased 7.1ppt/4.5ppt YoY to 20.9%/10.6% in Middle East/Africa market in 1Q24.