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《大行報告》中金上調小米-W(01810.HK)目標價至17.5元 上季手機出貨重回增長
阿思達克 11-03 15:02
中金發表報告指出,預計小米(01810.HK)第三季經調整淨利潤將按年增長157.5%至54.51億元人民幣。 根據Canalys第三季小米全球智能手機出貨量按年增長2%至4,150萬部,重拾增長動能;市場份額穩定在14%,保持全球第三。該行判斷,小米出貨量重啟增長一方面是庫存完成出清,另一方面也得益於紅米系列新品在新興市場亮眼表現。 產品均價方面,該行預計第三季手機均價按年略有下降,主要由於中低端機型在新興市場的熱銷。綜合出貨量及均價,該行預計季內小米的智能手機收入按年下降3.6%至410億元人民幣。毛利率方面,考慮元器件降價及公司低價庫存完成出清,預計公司手機毛利率按年及按季分別提升6.4及2個百分點,至15.3%。 展望第四季,10月底小米發布新一代數字旗艦手機小米14系列,在全新小米澎湃OS和影像系統加持下新品銷售較好,公司表示開售5分鐘小米14系列首銷銷量已增至上代首銷總量的6倍,該行看好公司繼續穩紮穩打推進高端化戰略,逐步提升高端市場份額。造車方面,公司計劃明年上半年量產智能汽車,看好智能汽車業務穩步推進,形成第二增長曲線。 考慮手機毛利率或表現亮眼,該行上調小米今明兩年經調整淨利潤35%及7%,至165.84億及151.9億元人民幣,維持「跑贏行業」評級,上調目標價10.8%至17.5元。
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