《大行報告》中金:小米(01810.HK)上季手機毛利率創歷史新高 看好「人車家全生態」戰略
中金發表報告指出,小米-W(01810.HK)第三季收入708.94億元人民幣,按年增長0.6%,較該行預期高出0.5%,主要為智能手機及互聯網收入好過預期;經調整淨利潤59.9億元人民幣,按年增長182.9%,較該行預期高出9.9%,主要是智能手機及互聯網業務毛利率超出預期。
該行提及,小米第三季智能手機毛利率創歷史新高,小米14助力高端化戰略穩步推進。季內小米智能手機收入按季提升13.8%至416.49億元人民幣,其中小米全球智能手機出貨量按年提升4%至4,180萬輛,公司在拉美、非洲及中東市佔率分別達到18.3%、10.7%及17.7%;智能手機產品均價按年下降5.8%至997元人民幣,主要是產品均價較低的新興市場出貨量增長。智能手機毛利率按年及按季各提升7.7與3.3個百分點,主要是產品結構升級、存貨減值撥備減少及上游元器件價格下降。
此外,小米在汽車領域的佈局是其提出的「人車家全生態」戰略的重要一步,小米在汽車領域或具有品牌、渠道、生態整合、集團資源支持等多方優勢,該行看好明年上半年小米汽車量產後形成第二增長曲線。
該行稱,考慮小米手機毛利率超預期,上調今明兩年經調整淨利潤預測3.4%及3.3%,各至171.52億及155.86億元人民幣。維持「跑贏行業」評級,基於對手機高端化看好,上調目標價8.6%至19港元,對應17.4/16.5倍核心主業市盈率,有17.4%上行空間。
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