【券商聚焦】招商证券维持小米集团(01810)“强烈推荐”评级 看好公司中长期市值上升空间

金吾财讯
Jun 27, 2025

金吾财讯 | 招商证券发研报指,小米集团(01810)举办小米人车家全生态发布会,正式发布小米YU7、小米MIXFlip2、小米AI眼镜,以及平板、红米手机、可穿戴、科技家电等系列新品。该机构表示,小米作为全球智能手机出货前三厂商、全球最大的AIoT智能硬件平台,该机构看好其在AI加速产业重构过程中的端侧龙头卡位优势;发布3nm自研芯片玄戒O1,成为公司突破硬核科技、推动高端化、实现人车家全生态闭环的里程碑。公司各项业务持续向上:手机业务积极推进高端化战略及国际化扩展;IoT业务有望持续受益于核心自研能力提升和出海广阔空间;互联网业务预计将伴随硬件业务实现持续稳健增长;小米汽车产能及盈利能力持续提升,伴随YU7等车型矩阵进一步完善及生态链的协同效应,看好公司向15-20年跻身全球前五车厂的目标进军。该机构预计公司25/26/27年总营收为5191/7067/9075亿元,调整后净利润为458/677/926亿元,当前市值对应PE为25.8/17.4/12.8倍;归母净利润418/637/886亿元,当前市值对应PE为35.3/23.2/16.7倍。维持“强烈推荐”评级,看好公司中长期市值上升空间。

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