《大行报告》花旗一举降小米(01810.HK)评级至「沽售」 削目标价至19.3元
花旗发表报告表示,将小米集团(01810.HK)评级的投资评级,由「买入」一举降至「沽售」,目标价由22.2元降至19.3元,基於预测明年市销率0.5倍,属同业中下限估值水平。
该行指,由於市场估计小米竞争对手华为有退出智能手机市场的潜在风险,令投资者早已预期小米的市场份额有增加的可能性,推动其股价在过去一年已累积上升超过一倍。
但花旗指出,市场低估了华为竞争力对小米集团的影响,加上市传华为拆售子品牌荣耀,或将对小米造成显着打击。
该行预测,若荣耀退出市场,小米可额外取得1,000万至1,500万出货量,但如果荣耀未考虑退出,小米则将面临约5%至10%的出货量下跌,并预期中国月活跃用户的出货量下跌,并预期中国月活跃用户下跌10%、料净利润下滑10%至15%。
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