On May 19, 2022, Xiaomi announced its 2022 Q1 results.
In Q1 2022, we achieved revenue of 73.52 billion yuan, a year-on-year decrease of 4.6%; adjusted net profit of 4.473 billion yuan, a year-on-year decrease of 52.88%.
Judging from Bloomberg's previous unanimous expectations, both revenue and adjusted profit are broadly in line with market expectations.
Overall business analysis
Smartphone business
Xiaomi's Q1 revenue was 45.763 billion yuan, down about 11% year on year. The Q1 mobile phone shipment volume was 38.5 million units, and ASP was 1,189 yuan per unit.
This is the first time in the past two years that Xiaomi's mobile phone business experienced a double-digit year-on-year decline. However, compared to the overall market environment, it is still expected.
Previously, according to the 2022 Q1 global mobile phone market report released by market research agency Canalys in April, global smartphone shipments fell 11% year on year; in the domestic market, according to the SA report, China's smartphone market shipped 71.9 million units in Q1 2022, down 17% year on year.
The performance of Xiaomi's mobile phone business is weak.The core factor is the shortage of SOC chips, especially entry-level chips. Supply chain issues have not been properly resolved since Q4 2021.
However, the good news is that at the performance meeting, management said that supply chain conditions have begun to gradually improve. It is expected that at the end of the second quarter, on the eve of the 618 e-commerce festival to the third quarter, the supply situation will be resolved in substance...