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《大行報告》大和上調小米(01810.HK)目標價至18.5元 評級「跑贏大市」
阿思達克 11-21 10:07
大和發表報告指出,小米(01810.HK)第三季業績基本上符合預期。受財務收入影響,小米期內經調整淨利潤則較該行預期高出17%。公司收入恢復按年正增長。同時,經調整經營利潤率(剔除電動車投資及新措施)改善至10.8%,第二季為9%,去年同期為4.2%。 該行預期,小米14系列的成功推出和即將發布的紅米系列,將維持今年第四季中國智能手機出貨量和明年首季海外智能手機出貨量的復甦,為該行目前預計明年小米全球出貨量按年增長3%的預測留下潛在上行空間。 此外,該行料小米明年智能手機及物聯網產品的毛利率將低於今年,但仍較該行先前的預測為高,因此該行上調公司2024及2025年毛利率預測94至98點子。基於小米業績改善,該行將公司2023至2025年每股盈利預測上調8%至18%,重申「跑贏大市」評級,目標價由15.5元上調至18.5元。
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