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大行評級|中銀國際:上調小米目標價至75.25港元 重申爲行業首選股
格隆匯 05-06 10:31

中銀國際發表報告指,預計小米2025年第一季度調整後淨利潤將達到97.04億元,按年升49.7%,創歷史新高及遠超市場預期,主要得益於小米15、15 Ultra及大型家電的熱銷、消費補貼、SU7 Ultra的推出、電動車交付加速以及良好的營運費用控制。下一關鍵催化劑是YU7 SUV,預計將於6月或7月亮相併立即開始交付,小米汽車北京第二階段工廠已準備好充足產能。該行現預計2025及2026年電動車出貨量各爲42萬及69.5萬輛,毛利率分別爲22%及23%。

該行將小米2025年、2026年及2027年調整後每股盈測上調4%、6%及6%,以反映更樂觀的物聯網和電動車業務預測假設,並將目標價從73港元上調至75.25港元。近期關稅戰引發的市場拋售,但小米股價表現堅韌,市場似乎低估了其收入增長和研發效率帶來的巨大營運槓桿潛力,該行重申小米爲行業首選股。

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