大行評級|德銀:上調小米目標價至71.5港元 上調今年淨利潤預測
德銀髮表報告指,小米去年全年列賬淨利潤按年升35.4%至237億元,超過市場預期的201億元。意味去年第四季度淨利潤按年升91%,按季升69%至90億元,季度經調整淨利潤創下歷史新高,達83.2億元,按年及按季分別升69%及33%。
該行指,一個關鍵的正面驚喜是智能電動車及其他新項目業務經調整虧損少於預期,單計去年第四季按年減少71%,按季減少53%至7億元,受惠毛利率改善,基於高毛利配件銷售增加、營運槓桿下固定成本降低及外部組件採購減少。
鑑於小米超出預期的盈利能力,該行上調對小米今年淨利潤預測6.5%,並採用更高的毛利率假設,目標價由70港元上調至71.5港元,維持“買入”評級。
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