研報掘金|中金:上調小米目標價至50.4港元 預計上季收入按年增長34.3%或創新高
中金髮表報告,預計小米上季收入按年增長34.3%至3639.3億元或創歷史新高,經調整淨利潤按年增長35.9%至66.7億元(含8億元汽車及創新業務虧損)。考慮汽車毛利率亮眼及YU7將於2025年發佈,上調2024及2025年經調整淨利潤預測1.3%及19.7%,至分別255.9億及406億元,新引入2026年494.9億元經調整淨利潤預測。
報告指,當前小米股價對應2025及2026年分別25.9及21倍市盈率,維持“跑贏行業”評級,綜合考慮估值切換至2025年、盈利預測調整及行業估值中樞上移,基於對公司汽車業務盈利能力信心及端側AI發展空間,上調目標價57.5%至50.4港元。
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