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《大行》富瑞降小米(01810.HK)目標價至69.85元 維持「買入」評級
阿思達克 08-07 11:18
富瑞發表報告指,由於智能手機需求疲弱,小米-W(01810.HK)第二季業績可能遜預期,目標價由73元下調至69.85元。維持「買入」評級。 報告指,第三方數據及行業調查顯示,2025年第二季全球智能手機需求疲軟,除美國市場出現部分提前需求。安卓設備庫存高企,特別是在新興市場如東南亞和印度。將2025年第二季小米智能手機收入預測下調約5%,毛利率預測下調0.5%至11.8%。由於對全球智能手機需求和競爭格局的更悲觀看法,同時將智能手機的長期毛利率預測略微下調至12%以下。 不過,該行提到,小米電動車交付進展順利,毛利率因產品組合改善而上升,維持第二季交付量爲8.1萬輛,毛利率將按季上升至23.9%,主要因SU7 Ultra車型交付佔比提升。管理層近期表示,第二座電動車工廠尚未開始商業化生產,但一旦投入營運,將能迅速提升產能。投資者對中國汽車行業的情緒變得更爲謹慎,因其他本地品牌新推出的車型需求低於預期。但SU7和YU7車型的等待時間依然較長,這使該行對其長期看漲預測充滿信心。
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