大行評級|建銀國際:上調小米目標價至31港元 預計第三季度業績穩健
建銀國際發表研報指,預計小米第三季度將會是另一個穩健的季度,主要得益於智慧型手機、物聯網、電動車銷售的強勁勢頭。該行預計,小米第三季度業績將會高於市場目前預期。當中,營收預計按年升27%,按季升1%;智慧手機營收預計按年升13%;物聯網產品銷售額預計按年升23%;非國際會計準則淨利潤按年升1 %,按季升4%,高於市場目前預期;剔除電動車業務,核心業務非國際會計準則淨利預計按年跌1%,按季跌4%;電動車業務淨虧損將收窄至17億元,相對第二季度為18億元。建銀國際亦預期,小米今年全年的智能手機出貨量將增長14%,接近其10%至14%增長指引的上限,主要受惠於Android復甦、去年基數較低、新小米15系列旗艦產品手機。對於2025年,該行預計出貨量將增長5%,並且隨着記憶體價格趨於穩定,毛利率將更加穩定。另外,建銀國際料小米2024及2025財年物聯網銷售額,將分別增長17%及9%。主要受家用電器、平板電腦、穿戴式裝置推動,但同時將被電視及筆記型電腦的疲弱所抵消。建銀國際將小米目標價由24.6港元上調至31港元,維持“跑贏大市”評級。
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