《大行》花旗:小米(01810.HK)首季業績勝預期 看好IoT和電動車業務前景
花旗發表報告指,小米(01810.HK)第一季業績勝預期,IoT和電動車業務前景令人鼓舞,大型家電業務仍處於高增長階段,管理層認為自建廠房及自行研發核心零組件有提升毛利的潛力。
管理層對小米電動車的競爭力充滿信心,並相信產品實力是盈利能力的關鍵。但由於全球智能手機市場疲弱,先前的智能手機出貨量目標(1.8億部)可能會微調,但產品組合將有所改善。
總體而言,該行目前預測小米2025年智慧型手機出貨量為1.75億部,毛利率12.7%;2025至2027年間電動車出貨量分別為40萬、70萬及100萬輛,毛利分別為24.1%、25.3%及27%。
業績公布後,該行看到入市機會,認為短期催化因素包括投資者日(6月3日)、YU7正式上市(6/7月)及YU7訂單增加、AI智能眼鏡上市等,開啟90天上行催化觀察。重申「買入」評級,目標價73.5元。
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