《大行报告》摩通降小米(01810.HK)评级至「减持」 目标价上调至9元
摩根大通发表报告将小米(01810.HK)评级由「中性」降至「减持」,预期该公司今年盈利将不会录得增长,并将2020-2021年调整後每股盈利预测下调7%及2%,较市场预期低约15%,目标价由8.4元上调至9元。摩通指,小米的股价由年初至今累计上涨12%,对比同期恒指下跌9%,相信是由於内地及海外5G发展的利好因素已反映。该行预期,小米在中国5G市场份额及月活跃用户数(MAU)增长空间受限,互联网业务及广告业务表现亦疲弱,加上预期小米对智能手机研发和营销的巨额投入,可能会拖累硬件盈利能力,对其前景未感乐观。报告又指出,今年印度市场迎来Realme及Vivo的激烈竞争,以及欧洲新型肺炎疫情将降低消费者对智能手机的需求,关注小米未来是否能继续在海外市场提升市场份额。
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