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研報掘金|華興資本:上調小米目標價至52港元 預計上季收入將首次突破1000億大關
格隆匯 02-19 10:59
華興資本發表研究報吿指,預計小米上季收入將首次突破1000億元大關,按年增長40%至1050億元。當中,該行預期智能手機收入為490億元,平均售價為1153元,按年上升6%。物聯網方面,受惠於中國的刺激政策,預計收入為297億元,按年增加46%。電動車方面,該行料上季交車為7萬輛,收入為163億元。另外,該行續預期小米上季整體毛利率為20.6%,按季上升20個基點。由於集團持續擴大規模,預計電動車毛利率將接近20%。利潤方面,該行料集團經調整淨利潤為70億元。華興資本分別上調集團2024至26年的收入預測2%、5%及5%,升2025及2026年毛利率預測0至1個百分點,因此,2024至26年的經調整淨利潤年複合增長率預計為22%。該行將集團目標價由34港元調升至52港元,重申“買入”評級。
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