研報掘金丨中金:下調小米目標價9%,維持“跑贏行業”評級
中金髮表報吿,下調小米集團(1810.HK)目標價9%至70港元,對應2025及2026年經調整淨利潤市盈率34.4倍及25.1倍,維持“跑贏行業”評級。中金預期小米第二季經調整淨利潤同比增64.84%至101.79億元,營業額料升32.71%至1179.67億元,預計手機收入跌1.6%至457.92億元,考慮拉美等低毛利市場佔比提升及競爭因素,手機毛利率或將同比及環比下降0.6個百分點及0.9個百分點,至11.5%。中金又預計IoT收入升36%至363.94億元,毛利率同比增3.3個百分點至23%,環比下降2.2個百分點,因618大促產品價格下降及行業競爭加劇。互聯網業務收入升11%至91.75億元;毛利率跌至76%。至於次季小米SU7交付量料達8.1萬輛,對應收入259.2億元,毛利率環比升 1個百分點至24.2%。展望下半年隨汽車工廠二期產能釋放,YU7量產速度加快,看好汽車交付量持續增長。
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