《大行》交銀國際降小米(01810.HK)目標價至60元 次季業績符預期
交銀國際發表報告指,小米-W(01810.HK)次季汽車業績表現亮眼,智能手機業務調整基本符合預期。基於2026年手機xAIoT 25倍市盈率及汽車業務2.2倍市銷率,目標價由67港元下調至60港元,維持「買入」評級。
報告指,小米次季業績符合市場預期,汽車業績表現亮眼。小米次季收入/經調整淨利潤分別爲 1,160/108億元人民幣(下同),符合市場預期。汽車收入按年增40%;毛利率達26.4%,再創歷史新高,主要來自平均售價增長及同平臺規模效應。本季度業績一定程度受智能手機業務影響。具體看,智能手機收入按年降2%,主要來自REDMI A5 發佈拉低海外平均售價,而內地平均售價受益於高端機型佔比提升,按年繼續增長。
另外,智能手機毛利率按季下滑0.9百分點至11.5%,管理層認爲主要由於儲存器價格上漲,對中低端機型毛利率影響較大,符合該行之前的預期。AIOT收入按年增45%,毛利率受618促銷影響按季降2.7百分點22.5%,爲歷史次高。大家電收入保持66%按年高增,空調錶現亮眼,實現量價齊升。
該行微調小米2026年汽車業務收入至1,820億元,前值預測1,817億元。考慮手機等業務的不確定性,下調2025年及2026年收入預測至4,830億及6,058億元,下調2025年及2026年經調整每股盈利至1.67元及2.01元。
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