摩根大通：小米目标价35港元，电动车出货量成新忧
2026-05-12 05:20:47
据金十数据报道，摩根大通重申小米集团(01810.HK)目标价35港元及“中性”评级。该行指出，尽管智能手机和电动车领域的同比收入增速大幅下滑，但智能手机和物联网（IoT）毛利率提高可能使整体经调整净利润好于预期。记忆体成本压力可能在第二季持续，DRAM和NAND价格或按季增长40—60%。小米可能通过提高定价和放弃某些细分市场来捍卫毛利率在约8%范围。摩根大通预测，2026财年每股盈利同比减少约27%，仍比市场共识低12%。然而，今年初至4月电动车出货量仅11万辆，小米能否实现55万辆以上电动车出货量目标成为新忧。若第二季电动车出货量未增加，小米可能降低2026财年指引。
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