大行評級|花旗:上調小米目標價至34.9港元 第三季度業績略勝預期
花旗發表研報指,小米今年第三季度業績略勝預期。當中,營收按季升4%,按年升30%,分別高於該行及市場預期2%;毛利率為按季跌0.3%,按年跌2.3%,低於該行預期0.9個百分點,但高於市場預期0.3個百分點。營業利潤按年升4%,與該行及市場預測基本一致。經調整淨利潤按季及按年分別升1%,電動車及其他新措施虧損15億元人民幣,分別較該行及市場預期高4%及6%。
花旗估計,小米智能手機利潤率將在今年第四季度觸底,物聯網(loT)毛利率將維持於20%水平,2024至2026財年電動車出貨量將分別為13.1萬、27.3萬及43.3萬輛;毛利率將分別為18%、20.2%及20.4%。另外,花旗將小米2024至2026財年經調整淨利潤預測上調2%、7%及12%,同時將其H股目標價由30.6港元上調至34.9港元,維持“買入”評級。
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