《大行報告》美銀證券上調小米-W(01810.HK)目標價至17元 整體硬件利潤改善
美銀證券發表報告指出,小米-W(01810.HK)第三季業績大致符合預期,受惠整體硬件利潤改善,實際經營溢利按年增長2.33倍至50億元人民幣,較該行預期高出7%,至於收入按年持平至709億元人民幣,符合預期。毛利率按年增長6.1個百分點至22.7%,當中智能手機/物聯網業務的毛利率創新高。
在智能手機業務方面,該行料小米鑑於某些核心零件(記憶體)的潛在價格上漲,硬件毛利率的進一步上漲可能有限,而非洲/拉丁美洲等地區的海外擴張或會減緩平均售價的增長。同時,華為可能推出更多相容5G的智能手機型號,或加劇競爭並對小米造成壓力。
在電動車業務方面,該行料小米可能會在銷售/行銷上分配更多資源。而在內地汽車市場的激烈競爭中,持續的巨額開支仍將是風險。
該行將小米2023至2025年經調整利潤預測上調2%至10%,以反映整體硬件毛利改善,目標價由15元上調至17元,重申「中性」評級。
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