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《大行》大摩料小米(01810.HK)首季手機毛利率勝預期 平均售價創新高
摩根士丹利研究報告,預期小米(01810.HK)首季智能手機平均售價將創新高,因要轉嫁成本壓力。最新數據顯示,小米首季手機出貨量為3,380萬部,按年下降19%,跌幅較其他 Android同業顯著。不過,該行認為出貨量下跌主要因公司採取產品組合優化策略,主動削減低端產品比例,藉此推高平均售價。即使市場普遍預期受記憶體成本飆升影響,小米首季手機毛利率將按季下滑...
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《大行》大摩料小米(01810.HK)首季手機毛利率勝預期 平均售價創新高
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摩根士丹利研究報告,預期小米(01810.HK)  +0.040 (+0.126%)    Short selling $504.37M; Ratio 15.585%   首季智能手機平均售價將創新高,因要轉嫁成本壓力。最新數據顯示,小米首季手機出貨量為3,380萬部,按年下降19%,跌幅較其他 Android同業顯著。

不過,該行認為出貨量下跌主要因公司採取產品組合優化策略,主動削減低端產品比例,藉此推高平均售價。

即使市場普遍預期受記憶體成本飆升影響,小米首季手機毛利率將按季下滑,但該行預計其利潤率反而有望交出優於預期的表現;維持「增持」評級,目標價為45元。(ss/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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