Mobile phones: Short-term business is under pressure, and high-end technology continues to advance.
According to the 2022Q1 global smartphone shipments announced by IDC, Canalys and other agencies, we expect Xiaomi's 2022Q1 shipments to be about 39.9 million units, a decrease of 19% over the previous year. We believe multiple factors are contributing to the weakness of mobile phone shipments:
1) On the supply side, SoC is in short supply.
2) On the demand side, mobile phone consumer demand may have declined due to factors such as the domestic epidemic and international geographical situation.
3) Competition intensified on the competitive side, such as domestic market glory.
We expect sales to be under pressure in 2022, but high-end will help boost ASP.
1) Shipment volume: On the supply side, it is expected that Xiaomi will face structural chip shortages this year, and Q2 may begin to gradually improve. On the demand side, we continue to push the user base to break the circle, such as the launch of the Xiaomi Civi 1S for female users in April. On the competitive side,
Xiaomi's international competition pattern is relatively optimistic, and regions such as Europe, Latin America, and Southeast Asia have great potential for growth. However, due to the ongoing impact of the domestic epidemic, international geographical situation, etc., we expect Xiaomi's mobile phone shipments to increase or be under pressure in 2022.
2) ASP: High-end ASP will drive mobile ASP to achieve continuous growth. Today, the Xiaomi 12 series launched in January, and the Redmi K50 e-sports version and Champion Edition released in February are expected to be Q1...