大行評級|招銀國際:上調小米目標價至32.7港元 季績受惠電動車和核心業務利潤更強
招銀國際發表研究報吿指,受惠電動車和核心業務利潤更強,小米第三季業績勝預期,管理層目標電動車毛利率在第四季會按季改善,並提高全年出貨指引至13萬輛(原先為10萬輛)。該行對小米“人車家全生態”策略的穩健執行抱樂觀態度,這一策略受益於智能手機全球市佔率的增長、人工物聯網(AIoT)產品類擴張所帶來增長,以及2025至2026財年的電動車付運走勢改善。該行重申對公司的評級為“買入”,目標價由32.29港元上調至32.7港元,料公司2024及2025財年的經調整純利分別按年增長28%及25%。該行指,小米的新零售策略執行超出了管理層的預期,新店開設目標已上調至2024財年末1.5萬家和2025財年末2萬家。管理層對新零售渠道的擴張充滿信心,認為這將進一步推動AIoT家電和電動車的銷售,特別是在低線城市。
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