【券商聚焦】国金证券维持小米集团(01810)“买入”评级料大家电和汽车业务仍将具备高增长弹性

金吾财讯

Aug 20

金吾财讯 | 国金证券发研报指，小米集团(01810)8月19日披露半年报，上半年实现营收2272.5亿元人民币(下同)，同比增长38.2%；经调整后净利润215.1亿元，同比增长69.8%。其中，Q2实现营收1159.6亿元，同比增长30.5%；经调整后净利润108.3亿元，同比增长75.4%。该机构表示，二季度公司共计交付新车 8.13万辆，累计交付30万辆。该分部25Q2实现收入213亿元，毛利率26.4%，环比提升3.2%；高毛利率系来自高毛利产品小米SU7 Ultra在Q2度过完整交付季度销量占比提升，销量结构性改善。经营亏损3亿元，系费用支出较高所致。整体看汽车业务仍维持强势，伴随YU7的上市交付公司在Q3有望稳步提升，亟待产能的进一步释放。该机构续指，25年上半年，公司国内外竞争较为激烈的环境下，仍然实现收入利润创新高，体现公司“人车家全生态”战略的活力与锐度。尽管后续有竞争加剧和补贴退坡预期及可能，考虑到小米汽车与手机高端化的成功对整体品牌力的提升、生态破圈对更多品类的拉动作用，该机构预计大家电和汽车业务仍将具备高增长弹性。该机构维持2025/2026/2027年经调整后的EPS预测为1.58/2.15/2.60元，公司股票现价对应PE估值为33.2/24.4/20.1倍，维持“买入”评级。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2560147429"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2560147429\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2560147429?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/YmUwNDEzZDkyZTQxMjdjZGQ1ZTFlYjEwODUyNTc4Njg4Nw==.jpg","is_english":false,"pubTime":"2025-08-20 10:18","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2560147429","market":"sg","top_or_hot":-1,"title":"【券商聚焦】国金证券维持小米集团(01810)“买入”评级 料大家电和汽车业务仍将具备高增长弹性","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/600109\">国金证券</a>发研报指，<a href=\"https://laohu8.com/S/XIACY\">小米</a>集团(01810)8月19日披露半年报，上半年实现营收2272.5亿元人民币(下同)，同比增长38.2%；经调整后净利润215.1亿元，同比增长69.8%。其中，Q2实现营收1159.6亿元，同比增长30.5%；经调整后净利润108.3亿元，同比增长75.4%。该机构表示，二季度公司共计交付新车 8.13万辆，累计交付30万辆。该分部25Q2实现收入213亿元，毛利率26.4%，环比提升3.2%；高毛利率系来自高毛利产品<a href=\"https://laohu8.com/S/01810\">小米</a>SU7 Ultra在Q2度过完整交付季度销量占比提升，销量结构性改善。经营亏损3亿元，系费用支出较高所致。整体看汽车业务仍维持强势，伴随YU7的上市交付公司在Q3有望稳步提升，亟待产能的进一步释放。该机构续指，25年上半年，公司国内外竞争较为激烈的环境下，仍然实现收入利润创新高，体现公司“人车家全生态”战略的活力与锐度。尽管后续有竞争加剧和补贴退坡预期及可能，考虑到<a href=\"https://laohu8.com/S/81810\">小米</a>汽车与手机高端化的成功对整体品牌力的提升、生态破圈对更多品类的拉动作用，该机构预计大家电和汽车业务仍将具备高增长弹性。该机构维持2025/2026/2027年经调整后的EPS预测为1.58/2.15/2.60元，公司股票现价对应PE估值为33.2/24.4/20.1倍，维持“买入”评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】国金证券维持小米集团(01810)“买入”评级 料大家电和汽车业务仍将具备高增长弹性</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】国金证券维持小米集团(01810)“买入”评级 料大家电和汽车业务仍将具备高增长弹性\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-08-20 10:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/600109\">国金证券</a>发研报指，<a href=\"https://laohu8.com/S/XIACY\">小米</a>集团(01810)8月19日披露半年报，上半年实现营收2272.5亿元人民币(下同)，同比增长38.2%；经调整后净利润215.1亿元，同比增长69.8%。其中，Q2实现营收1159.6亿元，同比增长30.5%；经调整后净利润108.3亿元，同比增长75.4%。该机构表示，二季度公司共计交付新车 8.13万辆，累计交付30万辆。该分部25Q2实现收入213亿元，毛利率26.4%，环比提升3.2%；高毛利率系来自高毛利产品<a href=\"https://laohu8.com/S/01810\">小米</a>SU7 Ultra在Q2度过完整交付季度销量占比提升，销量结构性改善。经营亏损3亿元，系费用支出较高所致。整体看汽车业务仍维持强势，伴随YU7的上市交付公司在Q3有望稳步提升，亟待产能的进一步释放。该机构续指，25年上半年，公司国内外竞争较为激烈的环境下，仍然实现收入利润创新高，体现公司“人车家全生态”战略的活力与锐度。尽管后续有竞争加剧和补贴退坡预期及可能，考虑到<a href=\"https://laohu8.com/S/81810\">小米</a>汽车与手机高端化的成功对整体品牌力的提升、生态破圈对更多品类的拉动作用，该机构预计大家电和汽车业务仍将具备高增长弹性。该机构维持2025/2026/2027年经调整后的EPS预测为1.58/2.15/2.60元，公司股票现价对应PE估值为33.2/24.4/20.1倍，维持“买入”评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FT_SY_MIU","symbol_name":"小米集团","start_time":0,"source_url":"1964413","article_id":"2560147429","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/YmUwNDEzZDkyZTQxMjdjZGQ1ZTFlYjEwODUyNTc4Njg4Nw==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2560147429","pubTimestamp":1755656325,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 国金证券发研报指，小米集团 8月19日披露半年报，上半年实现营收2272.5亿元人民币(下同)，同比增长38.2%；经调整后净利润215.1亿元，同比增长69.8%。该机构表示，二季度公司共计交付新车 8.13万辆，累计交付30万辆。尽管后续有竞争加剧和补贴退坡预期及可能，考虑到小米汽车与手机高端化的成功对整体品牌力的提升、生态破圈对更多品类的拉动作用，该机构预计大家电和汽车业务仍将具备高增长弹性。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"01810":"小米集团-W"},"translate_title":"[Brokerage Focus] Sinolink Securities maintains the \"buy\" rating of Xiaomi Group (01810) and expects that the home appliance and automotive businesses will still have high growth elasticity","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01810":1,"MIUmain":1},"content_text":"金吾财讯 | 国金证券发研报指，小米集团(01810)8月19日披露半年报，上半年实现营收2272.5亿元人民币(下同)，同比增长38.2%；经调整后净利润215.1亿元，同比增长69.8%。其中，Q2实现营收1159.6亿元，同比增长30.5%；经调整后净利润108.3亿元，同比增长75.4%。该机构表示，二季度公司共计交付新车 8.13万辆，累计交付30万辆。该分部25Q2实现收入213亿元，毛利率26.4%，环比提升3.2%；高毛利率系来自高毛利产品小米SU7 Ultra在Q2度过完整交付季度销量占比提升，销量结构性改善。经营亏损3亿元，系费用支出较高所致。整体看汽车业务仍维持强势，伴随YU7的上市交付公司在Q3有望稳步提升，亟待产能的进一步释放。该机构续指，25年上半年，公司国内外竞争较为激烈的环境下，仍然实现收入利润创新高，体现公司“人车家全生态”战略的活力与锐度。尽管后续有竞争加剧和补贴退坡预期及可能，考虑到小米汽车与手机高端化的成功对整体品牌力的提升、生态破圈对更多品类的拉动作用，该机构预计大家电和汽车业务仍将具备高增长弹性。该机构维持2025/2026/2027年经调整后的EPS预测为1.58/2.15/2.60元，公司股票现价对应PE估值为33.2/24.4/20.1倍，维持“买入”评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}