《大行報告》中金預計小米(01810.HK)次季經調整淨利潤按年增111.1%至43.93億人民幣
中金發表研究報告,預計小米(01810.HK)第二季經調整淨利潤將按年增長111.1%至43.93億元人民幣。集團全球智能手機出貨量按年下降16%至3,320萬台,較首的22%降幅顯著收窄,該行指,出貨量降幅收窄主要是由於庫存出清基本完成。產品均價方面,該行預計集中次季手機均價按年略有提升,按季穩中略降。綜合出貨量及均價,該行料小米第二季智能手機收入按年下降14.1%至363億元人民幣。毛利率方面,考慮上游儲存等元器件降價,預計手機毛利率將按年升3.4個百分點/環比提升0.9個百分點至12.1%。
該行又預計集團期內IoT業務收入按年提升5%至208.02億元人民幣,主要是由於冷氣機等大家電進入銷售旺季;IoT毛利率則按年升0.2個百分點至16%。互聯網業務方面,預計業務收入為72.85億元人民幣,按年升4.5%,其中考慮到遊戲版號發放節奏加快,遊戲業務或有亮眼表現;毛利率預計為73%,按年基本穩定。綜合三項業務,該行料次季毛利率按年提升3.5個百分點至20.3%。
該行上調集團2023及24年經調整淨利潤預測19.5%及14.2%,至109.07億和131.31億元人民幣,目標價升9%至15.8港元,維持「跑贏行業」評級。
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