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大行評級|瑞銀:上調小米目標價至60港元 評級則降至“中性” 指公司有不少催化劑
格隆匯 03-10 10:41

瑞銀髮表報吿指,將小米目標價由33.5港元升至60港元,此相當於預測2026年市盈率27倍,評級將由“買入”降至“中性”,認為公司有不少催化劑,包括人工智能(AI)眼鏡、次季推出的YU7,其強勁銷售或有助推高今年收入以及估值。該行同時提出,需要留意公司的實行步伐緩慢,或在內地新能源汽車行業競爭激烈之中損害其市佔率。另外,公司電動車產能擴張不足,內地補貼刺激效應減弱,均為公司帶來下行風險。

該行升其對公司2024年至2026年的核心盈利2%至23%,主要因為物聯網(IoT)收入及利潤增長展望較好,另升電動車期內貢獻至虧61億元、虧3.45億元以及盈利87億元。該行料去年第四季將會是創紀錄的季度,智能手機交付量按年增5.4%、IoT銷售達300億元,以及電動車虧損收窄至10億元以下。該行料去年全年收入及經調整純利分別達3630億元及260億元,電動車虧損61億元,相信此強勢會持續至今年,主要受到內地對中價智能手機及家電需求、在內地及海外的實體擴張,以及SU7/SU7 Ultra的延後訂單所推動。

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