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《大行》瑞銀升小米(01810.HK)電動車交付預測 維持目標62元評級「中性」
阿思達克 07-09 09:49
瑞銀研究報告指,發現投資者對理解小米(01810.HK)核心業務的策略存在顯著差距,尤其「新零售模式」以及不同業務之間的協同效應。該行維持對小米的「中性」評級及目標價62元,因認為目前估值已反映明年電動車交付及產能增加的正面因素;目前風險與回報前景亦平衡,YU7的強勁需求和今年下半年及明年電動車業務的盈利貢獻,有助抵消內地補貼政策逆風下的智能電話及物聯網需求疲弱。 該行認為,如集團有效落實其海外策略,包括提高高端智能電話佔比及於2030年前開設1萬間小米之家門店,將會令該行態度轉趨更正面;假如「新零售模式」與海外市場取得成功,將可解鎖更大的物聯網市場,並為2027年起電動車出海鋪路。 該行將2025、26及27年經調整淨利潤預測分別上調6%、11%及4%,基於核心業務盈利上調7%、3%及3%。將電動車交付量預測分別提高至39.8萬、72萬及100萬輛,並將電動車盈利預測上調至24億、195億及236億元人民幣。
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