《大行報告》花旗一舉降小米(01810.HK)評級至「沽售」 削目標價至19.3元
花旗發表報告表示,將小米集團(01810.HK)評級的投資評級,由「買入」一舉降至「沽售」,目標價由22.2元降至19.3元,基於預測明年市銷率0.5倍,屬同業中下限估值水平。
該行指,由於市場估計小米競爭對手華為有退出智能手機市場的潛在風險,令投資者早已預期小米的市場份額有增加的可能性,推動其股價在過去一年已累積上升超過一倍。
但花旗指出,市場低估了華為競爭力對小米集團的影響,加上市傳華為拆售子品牌榮耀,或將對小米造成顯著打擊。
該行預測,若榮耀退出市場,小米可額外取得1,000萬至1,500萬出貨量,但如果榮耀未考慮退出,小米則將面臨約5%至10%的出貨量下跌,並預期中國月活躍用戶的出貨量下跌,並預期中國月活躍用戶下跌10%、料淨利潤下滑10%至15%。
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