《大行》花旗:小米(01810.HK)新品Mi 17極具競爭力 予「買入」評級 目標價66元
花旗發表研報指,小米集團(01810.HK) 推出最新旗艦手機Mi 17,令人印象深刻。此外,小米汽車正式推出「客製化服務」,有望進一步提升電動車平均售價/利潤率。
花旗認為,Mi 17規格強大、設計出色且電池容量大,極具競爭力,有望在4千至6千元人民幣售價區間,獲得市場份額,較佳的產品組合可能穩定毛利率壓力。接下來的智能手機出貨數據可能支持雙位數增長。下一催化劑包括2025年第三季度業績、電動車新版本發布。
花旗予該股「買入」評級,原因包括法院裁決阻止美國對該股票的投資限制;公司意外獲得市場份額;指數移除的壓力結束;又認為小米市場份額增長帶來吸引人的風險及回報前景,應有利於市場的樂觀情緒。鑑於中國補貼驅動的需求及正常化的元件成本,花旗對智能手機業務及毛利率展望更為樂觀。
花旗以2026年為基礎,鑑於長期可見度穩固,使用總和估值法(SOTP)對小米每股估值為66港元。
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