中金看好小米15 Ultra及SU7 Ultra前景 兩週內兩度調高目標價
小米集團(1810.HK)上週舉行小米15 Ultra及小米SU7 Ultra發佈會,中金髮表報告指,SU7 Ultra定價超預期,15 Ultra手機持續衝擊市場,繼上月中後,再將其目標價上調20.8%或10.5港元,至60.9港元,評級維持“跑贏行業”。中金指,SU7 Ultra標準版定價52.99萬元人民幣,較預售價降價明顯,認爲有關價格超出市場預期,並在豪車市場具備性價比優勢。據小米汽車官方資料,SU7 Ultra發售10分鐘大定數量突破6900輛,看好銷量持續增長。至於小米15 Ultra起售價6499元人民幣(12GB+256GB),助力小米衝擊6K+高端市場。另外,看好“人車家全生態”戰略穩步推進,及小米端側人工智能(AI)長期價值。展望未來,隨着端側AI時代到來,小米在手機、汽車、智慧家居、可穿戴產品、機器人等多個端側硬體領域的重要入口地位或將得到進一步突顯,同時以超級小愛爲代表的AI軟件能力亦有望持續發揮作用,故看好小米作爲端側AI硬件入口的長期價值。中金指,維持原有盈利預測不變,當前股價對應2025/2026年經調整淨利潤市盈率30.9及20.5倍,基於對其汽車業務盈利能力信心及手機高端化發展空間,上調目標價至60.9港元。
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