大行評級|花旗:上調小米目標價至30.6港元 上調盈測反映智能手機和電動車業務改善
花旗發表研究報吿指,小米推出其最新旗艦手機Mi 15,可支援更強勁的人工智能(AI)功能,其性能/規格對標iPhone 16 Pro+,證明其向高檔市場的提升將可能擴張公司在4,000至6,000元人民幣手機檔次的市佔率。而新推出的新能源車SU7 Ultra令人印象深刻,加上小米在德國紐伯林賽道的成就,提升了小米電動車在高檔電動車市場的地位,這不僅增強了其品牌形象,還可能促進SU7 Max的出貨量。該行上調了公司2025年及2026年的經調整每股盈測分別11%及16%,至各1.06元及1.2元,以反映智能手機和電動車業務改善,目標價由22.7港元升至30.6港元,重申“買入”評級。該行同時上調了2024年至2026年的手機交付量預測至1.68億、1.76億及1.82億,以及手機毛利率預測至12.5%、12.2%及11.9%,而同期電動車的交付量預測則升至12.2萬、25萬及40萬,以及汽車毛利率預測至18%、19.8%及19.8%。
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