《大行報告》摩通降小米-W(01810.HK)目標價至21元 今年核心業務恢復強勁增長
摩根大通發表報告指,小米-W(01810.HK)上季純利強勁,盈利較該行及市場預期高出20%至30%,相信主要是受到期內智能手機出貨量增長,以及智能手機與互聯網服務毛利率改善所推動。
展望2024年,該行預期在海外市場高端化發展,及出貨量增長帶動下,智能手機收入將持續健康增長,同時相信零部件成本上升所引致的毛利率下滑應該可控。
摩通指,近期主要催化劑為小米電動車SU7將於下周推出,基於今年健康的核心業務復甦及強勁的現金流,仍看好小米集團。計及電動汽車業務虧損及成本上升導致的硬件業務利潤率輕微下滑,該行將今明兩年經調整每股盈利預測下調6%及10%,目標價由23元下調至21元,維持「增持」評級。
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