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《大行報告》匯豐研究上調小米(01810.HK)目標價至20元 小米14銷售遠勝預期
匯豐環球研究發表報告指出,小米(01810.HK)旗艦Mi14系列手機銷售遠勝預期,每都售價由3,999元人民幣起,其首銷銷量較上一代小米13系列增長六倍。小米股價自今年迄今已上漲約31%,相對同期恆指下跌約15%。 該行相信小米手機銷售勢頭將持續至第四季,預期公司即將推出的紅米K70手機有望成為短期的催化劑,因該手機配備高通(QCOM.US)最新的驍龍8 Gen 3系統單晶片(SoC),該晶片亦是Mi14系列的關鍵賣點,料可為公司第四季智能手機總出貨量帶來更多上行空間。 此外,該行將小米今年智能手機出貨量預測上調7%至約1.5億部,明年預測上調6%至1.6億部。另重申對公司自今年第二季起穩健復甦的看法,主要受惠於手機出貨量勝預期,以及在手機與物聯網領域的綜合毛利率穩定擴張。該行將小米2023至2025年的經常性淨利預測上調11%至27%,預期公司今年第三季的經常性淨利潤約52億元人民幣,按年增長1.44倍。 匯豐環球研究對小米2023至2025年的純利預測較市場高出17%至18%,並對小米手機出貨量更為樂觀,預期公司5G滲透率將在今明兩年達到40%及42%。對其目標價由15.6元上調至20元,對其人民幣櫃檯(81810.HK)目標價亦由14.6元人民幣上調至18.7元人民幣,維持「買入」評級。
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