《大行報告》大和上調小米(01810.HK)目標價至14元 評級「跑贏大市」
大和發表研究報告指,小米(01810.HK)今年第二季盈利表現穩健,智能手機產品平均售價提升,大型家電銷售有所改善,推動中國市場收入增長勝預期,同時智能手機及物聯網業務毛利率均創歷史新高,亦較該行預測高出130及160個基點,帶動次季撇除電動汽車及新業務投資的非通用會計準則經營溢利率提升至9%。
由於渠道庫存壓力進一步緩解,大和估計小米的智能手機出貨量將在下半年有所改善,管理層亦提到公司和渠道合作夥伴都已完成去庫存,近期設備激活率呈上升趨勢。
基於現時宏觀經濟逐漸復甦的憧憬,該行維持目前2023年智能手機出貨量1.39億部的預測,預計下半年表現會較上半年好,同時由於小米受惠於全球市場份額增長及高端化趨勢,相信國內同行發布新機型對小米影響有限。
因期內毛利率提升,大和相應將小米今年全年每股盈利預測上調7%,重申「跑贏大市」評級,並將目標價由13.5元上調至14元,對應今明兩年預測市盈率約20倍。
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