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《大行》大和升小米(01810.HK)目標價至76元 次季收入及經調整純利大致符預期
阿思達克 08-20 11:19
大和發表報告指,小米-W(01810.HK)第二季收入及經調整盈利大致符合市場預期。在SU7 Ultra等的較高平均售價及規模經濟的帶動下,小米第二季電動車毛利率達到26.4%,該行預期第三季電動車毛利率將進一步上升至28%。這將有可能使小米汽車業務在下半年實現單季或單月盈虧平衡。 手機方面,由於發佈的產品有限,該行對小米第三季的出貨量轉趨審慎,預期第三季的出貨量爲4,220萬部,全年的出貨量爲1.72億部,相對於小米全年1.7億至1.75億部的目標。 大和指,基於電動車毛利率預測獲上調,上調小米2025至27年每股盈測2%至9%。重申「買入」評級,並將目標價由72元上調至76元。
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