《大行報告》華泰證券料小米(01810.HK)上季非通用會計準則淨利潤按年增177%
華泰證券發表研究報告,預測小米(01810.HK)去年第四季非通用會計準則淨利潤將按年增長177%,毛利率料按年提升7.9個百分點,並將2023年至25年小米除汽車以外的業務淨利潤預測上調4%、3%及2%至244億、208億及213億元人民幣。
考慮到公司汽車研發、營銷費用可能提升,相應將小米2024至2025年非通用會計準則淨利潤預測下調24%及29%至108億及113億元人民幣,去年度非通用會計準則淨利潤預測則上調4%至174億人民幣。
該行預期,小米上季智能手機及互聯網業務都將錄得收入及毛利率按年提升,惟家電業務拖累下IoT業務收入將按年下跌7%,分部毛利率料下降0.5個百分點。華泰證券維持對小米「買入」評級,目標價20元不變,當中汽車業務估值為每股2.2元。
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