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【券商聚焦】华泰证券维持小米集团(01810)“买入”评级 料去年Q4收入同比增长11%

金吾財訊 ·  Feb 7 14:26

金吾财讯 | 华泰证券发研报指,预计小米集团(01810)4Q23收入同比增长11%,非GAAP口径净利润同比高增177%,主因毛利率+7.9ppyoy。该行预计小米4Q23智能手机/互联网业务将录得收入和毛利率同比增长,主因零部件成本下降、广告业务强劲,但IoT业务收入/毛利率将同比下降7%/0.5pp,主因家电销售波动。

该行将公司除汽车外业务净利润上调4%/3%/2%至人民币244/208/213亿,但考虑到公司汽车研发、营销费用可能提升,该行将小米2023/2024/2025非GAAP口径下净利润预测调整+4%/-24%/-29%至人民币174亿/108亿/113亿元。该行维持基于SOTP的目标价20.0港币(假设远期港币人民币汇率0.9),其中包含该行对小米汽车业务每股2.2港币的估值。该行的目标价对应26倍2024年预测PE。维持“买入”评级。

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