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《大行報告》大和上調小米(01810.HK)目標價至13.5元 評級「跑贏大市」
阿思達克 08-03 09:41
大和發表研究報告指,小米(01810.HK)的智能手機銷售疲弱,但由於物聯網銷售和廣告復甦較預期理想,加上利潤率改善,預計集團今年第二季的盈利增長較當前普遍預期強。 該行表示,由於與華為有競爭,小米的中國市場份額按年下滑至13%,其於印度市場的戰略變化亦繼續令其於當地的市場份額(15%)受壓。不過,小米在海外市場的份額仍然保持韌性。雖然該行預期集團的智能手機收入將下降至358億元人民幣,並料平均售價按年穩定,但由於物料清單(BOM)成本下降,智能手機毛利率可能會在次季達到12%,高於預期。該行料智能手機出貨量為1.4億部。另外,該行預計互聯網收入的增長將受到中國廣告預算復甦的支持,主要是電子商務、遊戲和互聯網服務的效果廣告,以及出貨量增長的預安裝收入,料互聯網業務毛利率將恢復到73%。 該行指,集團的成本控制和業務毛利率改善將有助其在今年繼續保持盈利增長勢頭,預計撇除電動汽車、人工智能和其他新方面的投資,今年核心營業利潤率將保持逾7%,而去年則為4%。由於預期智能手機出貨量下降,該行將集團2023至25年收入削減約3%,但由於毛利率提高,將盈利預測上調7至16%,重申「跑贏大市」評級,目標價由12元上調至13.5元。
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