《大行》高盛:小米(01810.HK)業績勝預期 目標價升至65元
高盛研究報告指,小米(01810.HK)今年首季業績持續強勁並勝預期,收入按年升47%,較預期高2%,經調整淨利潤升65%,較預期高13%至14%;物聯網(AIoT)收入按年升59%,並超越互聯網服務,成為毛利的最大貢獻者,毛利率升至歷史高位的25.2%。電動車毛利率擴張2.7個百分點至23.2%,較同行的毛利率高16%至20%。電動車、AI及其他新業務的經調整虧損進一步收窄至2億元人民幣。
該行將2025至27年收入預測上調1%,經調整淨利潤預測上調5%至6%,基於物聯網收入及盈利前景更強,以及電動車毛利率較高。目標價由62港元升至65港元,維持「買入」評級。
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