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《大行報告》美銀證券上調小米-W(01810.HK)目標價至15元 短期毛利率穩健
阿思達克 11-02 10:39
美銀證券發表報告,指小米-W(01810.HK)第三季實際經營溢利預測上調至47億元人民幣,相當於按季增長18%,按年增長2.11倍,實際經營利潤率6.7%,主要受惠於高端智能手機出貨量不錯、零件成本持續下降,以及嚴格的營運開支控制,帶來更佳的利潤率。該行預期,小米第三季收入將達至約700億元人民幣,按季升5%,按年持平,毛利率按季升1個百分點至22%。 根據IDC數據顯示,小米第三季全球智能手機出貨量錄4,100萬部,按季增長25%,勝預期。鑑於公司在中國的出貨量按季僅回升6%,該行認為第三季強勁的出貨量或是由新興市場所推動。展望未來,由於中國市場成熟,加上華為的崛起,小米要在中國實現實質擴張或遇到困難。因此,該行料小米開始更專注於海外銷售增長,同時致力於改善國內產品組合,預期公司產品的銷售均價擴張將慢於預期,因為其大部分海外市場的均價較低(歐洲除外)。 在成本方面,該行預計小米將使用更多國內供應商來進一步降低其組件成本,同時繼續嚴控其核心業務營運開支。該行將小米2023至2025年經調整盈利預測上調介乎7%至27%,以反映毛利率的潛在提升,對其目標價由13.5元上調至15元,重申「中性」評級,認為公司估值合理,核心業務正有所改善,短期毛利率穩固,但隨著華為在中國智能手機市場的崛起,加上電動車領域的激烈競爭,風險仍然存在。
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