《大行報告》華泰證券料小米(01810.HK)本季手機出貨量按季持平 平均售價有所上漲
華泰證券發表報告表示,小米-W(01810.HK)第三季業績超預期,毛利率創下自上市來的單季歷史新高,決定上調對小米2023年至2025年非GAAP口徑淨利潤預測各12%、10%及4%,分別至166億、141億及159億人民幣。
考慮到小米市佔率的提升以及小米14系列的大賣,該行上調小米2025年智能手機出貨量預測5%,並上調小米2023年ASP預測8%,並由此上調小米2023年及2025年銷量預測各8%及5%。鑒於今年第三季的高毛利率,以及該行認為供應鏈部分公司的調整以及更高營運效率,有望驅動小米智能手機長期毛利率中樞上行。
華泰證券指,維持小米目標價20元(包含汽車業務每股3港元的估值)以及「買入」投資評級。該行指小米今年第三季3智能手機業務毛利率為16.6%(按季上漲3.3個百分點),主因原料成本降低、庫存減值衝回以及收入結構的優化。展望今年第四季,因小米14系列的大賣,預計季度出貨量將按季基本持平,而平均售價(ASP)將按季有所上漲。該行認為,由於未來幾個季度原材料成本的上升,手機毛利率或進入下行區間。不過得益於部分供應鏈公司的變 化和更高效的營運,認為手機業務長期毛利率中樞較以往將有所提升。(wl/cy)
~
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 this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.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.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.