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小米:第2季汽車均價上升 不參與價格戰及內卷 @ 2025-08-21T Back Hot News
Keyword:小米
Concept:小米目標價
智通財經APP獲悉,大和發布研報稱,小米集團-W(01810)第二季收入及經調整盈利大致符合市場預期。在SU7 ULTRA等的較高平均售價及規模經濟的帶動下,小米第二季電動車毛利率達到26.4%,該行預期第三季電動車毛利率將進一步上升至28%。這將有可能使小米汽車業務在下半年實現單季或單月盈虧平衡。基於電動車毛利率預測獲上調,上調小米2025至27年每股盈測2%至9%。重申「買入」評級,並將目標價由72港元上調至76港元。
華泰證券表示,小米第二季總收入1,160億人民幣按年增長30.5%,按季增長4.2%;經調整淨利潤按年增長75.4%至108億人民幣。集團整體毛利率為22.5%,按年提升1.8個百分點,但較今年首季的22.8%按季微降0.3個百分點,汽車業務盈利能力提升一定程度上抵消了智能手機業務的利潤率壓力。第二季智能手機業務面臨挑戰,收入按年下降2.1%至455億人民幣,毛利率承壓,收縮至11.5%,低於去年同期的12.1%,主要歸因於激烈的海外市場競爭及毛利率較低的產品收入占比增加。展望下半年:1)手機。近期儲存價格上漲仍在持續,手機業務毛利率或面臨壓力;2)汽車,受益於小米汽車高端化戰略,看好汽車業務保持良好的盈利能力。近期行業「反內卷」趨勢下,建議關注汽車產能的擴張進度。該行上調小米2025年至2027年歸母淨利潤預測各9.5%、4.3%及7.8%,各至443.1億、526.3億及671.2億人民幣,給予小米目標價65.4港元(前值67.8港元),相當於預測明年市盈率30倍,維持「買入」評級。

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