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《大行》摩通料小米(01810.HK)IoT業務次季增長仍強勁 予「中性」評級
阿思達克 05-28 10:08
摩根大通發表研究報告指,小米集團(01810.HK)首季盈利增長表現強勁,期內IoT業務高毛利率按年提升5.4個百分點至25.2%,創歷史新高,主要受產品結構改善、業務規模擴大以及國補政策的推動。預料進入618大促及五一假期等傳統銷售旺季,將促使第二季IoT業務收入持續增長,目前預測增幅達15%。 摩通又指,小米在冷氣機等家電市場的市佔率進一步提升,加上產品結構持續優化,預料可支持次季毛利率於高位維持,但提醒投資者留意進入下半年,隨著大型家電銷售旺季結束及國補效應減退,強勁增長的可持續性或將成為左右集團財務表現的關鍵因素,將今明兩年每股盈利預測上調12.8%及3.7%,預計小米的IoT業務於2026及2027年增長率可穩定在約20%,並給予「中性」評級。
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