You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》海通國際:因下半年補貼暫停 降小米集團(01810.HK)目標價至59.5元 重申「跑贏大市」評級
阿思達克 08-25 12:00
海通國際研究報告指出,小米集團(01810.HK)今年第二季度收入為1,159億元人民幣,超出市場共識預期的1,147億元。每股盈利為0.45元人民幣,超出市場共識預期的0.38元人民幣。 該行指出,儘管小米智能手機收入按年下降2%,仍跑贏全球市場。然而,由於國家補貼在2025年下半年暫停,該行對小米需求動能持謹慎態度。因此,海通國際預測全年智能手機出貨量為1.71億台。 海通國際又表示,鑑於小米電動車強勁的訂單動能,規模經濟有助於降低製造成本。管理層目標於2025年下半年實現月度盈虧平衡,並計劃於2027年進軍歐洲,憑藉穩固的品牌知名度支撐。該行預計持續的規模效益和技術升級將支持利潤率穩健及長期增長。 AIoT業務上,海通國際表示,該業務毛利率達22.5%,因618促銷活動激烈而按季承壓。儘管如此,AIoT毛利率連續4個季度維持在20%以上,並認為AIoT是小米未來數季實現超預期表現的關鍵儲備。 海通國際上調小米2026、2027年電動車出貨量至86.1萬輛、130萬輛;2025至2027年電動車毛利率至25.9%、27.2%、27.7%。該行又基於SOTP估值將目標價從64.4港元下調至59.5港元。 海通國際表示,看到汽車和物聯網部門毛利率擴張及更快營運槓桿的上升空間,但因2025年下半年補貼暫停及互聯網服務增長溫和,對需求動能持謹慎態度。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account