《大行》大和升小米(01810.HK)目標價至78元 IoT高端化推動其長期增長
大和研究報告指,小米集團-W(01810.HK)的IoT業務高端化推動其長期增長,集團透過新增家電產品實現物聯網產品線多元化,且長期關注物聯網高端化及海外擴展,重申小米「買入」評級,12個月目標價從70元上調至78元。
大和認為,小米物聯網業務作為2025至2027年預計的主要盈利驅動力之一,以及其「人×車×家」三管齊下策略的核心組成部分,常被市場忽視。大和表示,隨著小米現將目光投向物聯網海外擴展,預測該集團2024至2028年收入年均複合增長率(CAGR)為30.1%,短期內受中國國家補貼計劃推動,長期則由海外擴展和產品高端化驅動,從而結構性改善其物聯網毛利率狀況。此外,小米將於6月26日推出新產品,包括YU7和下一代「個人智能設備」。
基於小米集團物聯網前景和盈利能力的改善,大和將其2025至2027年每股盈利預測上調1%至13%。12個月目標價升至78元,仍基於2025至2026年平均38倍市盈率。大和認為,小米的主要下行風險包括,宏觀經濟逆風及電動車需求增長慢於預期。
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