大行评级丨星展银行:小米集团估值有望上调,受益于其在各业务板块持续提升的市场份额

格隆汇
Aug 21, 2025

星展银行(DBS)分析师在研报中表示,小米集团-W(1810.HK)估值有望上调,主要受益于其在各业务板块持续提升的市场份额。分析师指出,公司凭借物联网(IoT)业务驱动的利润率扩张及电动车(EV)业务的稳健增长,有望在长期内抵消全球智能手机增长乏力所带来的拖累。星展银行强调,IoT已经成为结构性盈利驱动因素,并呈现广泛增长态势。小米的智能大家电(空调、冰箱、洗衣机等)市场份额持续提升。同时,公司通过自有制造与自动化能力不断实现成本节约,叠加规模经济效应,将继续支撑其毛利率的结构性改善。星展银行维持对小米的“买入”评级。

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