大行评级丨里昂:小米长线护城河稳固,维持“跑赢大市”评级

格隆汇
Sep 11
里昂发表报告指,小米正式推出SkyNomad系列,共四款车型,锁定商务及家庭买家,提供宽敞、可扩展及豪华内装、更长续航及具竞争力定价。该系列于首四分钟锁定1万张订单,该行预期小米2026年交付约9万辆;公司亦同步发布Xiaomi 18 Fold及Xiaomi Pad 9 Pro Max,进一步推进超高端市场,优先提升平均售价及毛利率多于出货量。随新旗舰产品推出,该行认为小米收入及盈利应于2026年第三季见底,并于第四季开始反弹。该行认为小米长线护城河稳固,维持“跑赢大市”评级,目标价35港元。

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