《大行報告》大摩:智能手機毛利有驚喜 成為小米(01810.HK)估值重評催化劑
摩根士丹利發表報告指,小米(01810.HK)第三季收入按年升1%至709億元人民幣,毛利率按年增長6.1個百分點至22.7%創歷史高,令人驚喜;因研發成本上升令營運支出按年升8%,被行政費用成本的節省所抵銷。該行又指,智能手機毛利有驚喜,成為小米估值重評催化劑。
該行指,因旗艦機型小米14銷售強勁,相信即使華為手機回歸,小米市佔率維持穩固;加上海外交付量持續改善,該行相信第四季整體智能手機交付量持續上升,同時毛利率或保持韌性。研發費用上升或少許拖累營運利潤,但全新電動車擬明年上半年推出,或會成為正面推動力。
該行給予小米目標價為19元,維持其評級為「增持」。(ca/w)
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