《大行報告》星展上調小米(01810.HK)目標價至18元 評級「買入」
星展發表報告指,智能手機市場下行,不過小米(01810.HK)在歐洲、中東及拉丁美洲的市場佔有率進一步上升,其中歐洲及中東排名第二,拉丁美洲排第三,預期全年可以保持市場份額,跑贏其他Andriod手機生產商同業。公司在地區上的多元化策略,減輕中國市場需求放緩的影響。
該行預期小米整體毛利率由去年的17%,改善至2025年的21%,受惠高毛利率的互聯網服務貢獻增加,由去年的10%增加至2025年的12%。
星展表示將小米今明兩年的盈利預測,分別上調18%及10%,以反映各項業務毛利率改善,維持「買入」評級,目標價由13元上調至18元。
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