华泰证券发表研报指，预计小米集团-W(01810.HK) 今年第一季度收入按年增长44%；毛利率按季提升0.9百分点；归属于母公司净利润按年增长47%；其中包含手机、物联网(IoT)及互联网业务在内的原有主业收入按年增长20%；汽车业务实现182亿元人民币收入，按季增长9%。
华泰证券建议，后续关注小米业务三大影响因素，包括近期公司处于宣传真空期，未来随着宣传正常化以及“YU7”车型发布，周度订单量或企稳；关税直接影响有限，关注苹果(AAPL.US) 业绩会对于关税应对措施的表述；小米开源首个推理大模型，看好公司模型能力增厚“人车家”全品类生态协同效应。
展望全年，华泰证券看好运动型多用途车(SUV)推动小米收入快速增长，手机毛利率回升、汽车减亏叠加大家电业务扩张，或推动全年非通用会计准则(Non-GAAP)利润达到52%增长。该行维持小米目标价于71.2港元，维持“买入”评级。(js/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-06 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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