小米集團-W(1810.HK)獲多家機構看好 目標價最高上調至18.5港元
小米集團-W(1810.HK)將於3月底公佈22年第四季度業績。目前分別有中信證券、招銀國際和星展對小米給出了最新評級。其中：
中信證券：維持 “買入”評級 予目標價15港元 招銀國際：維持 “買入”評級 上調目標價14.73港元 星展：維持 “買入”評級 上調目標價至18.5港元
中信證券：持續看好小米“手機×AIoT”長期戰略 維持小米“買入”評級
中信證券發報吿指，展望2023年，中信證券預期隨着庫存水平及匯兑因素等壓力逐漸減輕，加上中國宏觀經濟復甦預期，小米收入前景有望改善，利潤亦將表現出更大彈性。該行表示，持續看好小米“手機×AIoT”的長期戰略，關注公司中長期的投資價值，參考可比公司蘋果目前2023年23倍的PE估值，並基於業績增長高確定性和行業競爭地位適當折價15%，給予公司2023年20倍PE，對應15港元的目標價，並維持“買入”評級。
招銀國際：小米智能手機銷量有望在23財年一季度復甦 上調目標價至14.73港元
花旗發表報吿指，展望未來，小米22財年第四季度的疲軟已被消化，在中國重新開放和渠道庫存改善的推動下，智能手機銷量有望在23財年一季度復甦。在AIoT/互聯網方面，在中國重新開放和遊戲/廣吿行業政策放鬆的支持下，該行預計AIoT/互聯網領域將在2023年逐步復甦。該行將對23財年的每股收益比市場預期高出10%，主要是由於公司更高毛利率的互聯網服務組合。總的來説，該行相信小米盈利下滑的最糟糕時期可能已經過去，基於24倍23財年的市盈率(與之前相比)，該行將目標價從12.28港元上調至14.73港元 (為23財年市盈率的24倍)，維持“買入評級”，催化劑包括電動汽車的發展和市場份額的增加。
星展：小米海外市場份額快速增長 互聯網服務有望推高毛利率 大升目標價至18.5港元
星展發研報指，小米在22年第三季度歐洲、中東和拉美這些快速增長的市場的市場份額排名進一步上升，市場份額分別達到前2/2/3名。該行預計小米在23財年將享有5%的出貨量增長，比其他安卓同行的增長更快。疊加小米成功推出“Mix”和“Ultra”等高端機型，高端智能手機市場的份額不斷增長，該行預計平均售價上漲將成為股價的驅動力。此外，該行預計在高利潤率的互聯網服務增長的推動下，小米的毛利率將從21財年的18%提高到24財年的20%。該行還預計小米23財年的利潤將恢復到接近疫情前的水平，故維持“買入”評級，將目標價從12.5港元提升至18.5港元。
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