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《大行》高盛降小米(01810.HK)目標價至65元 次季業績大致符預期
阿思達克 08-20 10:39
高盛發表報告指,小米(01810.HK)第二季業績基本符合該行預期。收入按年增長30%,其中人工智能物聯網AIoT表現強勁,按年增長45%,超出該行和市場預測分別2%及8%。電動車銷售抵消了智能手機銷量疲軟,而調整後淨利潤按年增長75%,超出該行和市場預測7%至13%。 過去三個月,小米股價表現與指數基本走勢一致,年內至今則仍累升54%,該行認為是由於智能手機收入/毛利率預估被下調,該行自2025年初以來對小米預測一直低於市場;對下半年AIoT銷售增長放緩的擔憂,因中國國家補貼計劃的增量效益減弱;自7月以來電動車製造產能提升相對緩慢,儘管8月交付量略有上升;經過過去兩年連續「超預期並上調」週期後,收入/每股盈利預測上調幅度溫和。 該行保持小米2025至27年收入預測基本不變,但因研發投資和所得稅增加,將經調整淨利潤預測下調1%至4%。因此目標價由69元下調至65港元,評級「買入」。
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