《大行》花旗料小米(01810.HK)次季業績強勁惟基本符合預期
花旗發表報告指出,小米(01810.HK)預計於8月19日公布第二季業績。整體而言,該行相信第二季表現基本符合預期,集團總收入及物聯網(IoT)與電動車業務收入均創歷史新高,但受第一季高基數影響,呈現季節性回落。花旗預計調整後淨利潤達104億元人民幣,按年增長68%,按季下降3%,按季下滑主要由於智能手機平均售價和毛利率下降,以及營運開支增加。
花旗下調小米2025至2026年智能手機出貨量預測200萬部,並同步下調毛利率預測0.5個百分點。儘管市場擔憂價格競爭及補貼效應減弱,該行認為小米IoT業務基本面穩健。對於電動車業務,雖然存在第二階段產能爬坡的疑慮,該行維持原有預測不變,並預期平均售價與毛利率的上升趨勢將持續。綜合考慮,將目標價微調至69港元,維持「買入」評級,長期增長邏輯未變。短期催化劑包括第三季業績指引、電動車二期產能擴張、小米16系列發布及新款電動車上市。
小米今日(7日)低開3.43%報52.15元,今早曾跌4.3%低見51.7元。現報51.95元,跌3.8%,成交1.16億股,涉資60.74億元。
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