一文了解券商於小米(01810.HK)公布业绩後最新评级、目标价及观点
美证监通过中资公司除牌修正案，在美挂牌的中概股昨晚遭洗仓，本港上市的科网股今早亦涯沽，小米集团-W(01810.HK)今早股价曾低见22.8元一度下挫8.8%，其後跌幅略收窄，最新报23.7元下滑5.2%。
小米昨收市後公布去年业绩，营业额2,458.66亿人民币按年升19.4%，纯利203.56亿人民币按年升102.7%；每股盈利0.849元人民币。不派息；小米去年按非国际财务报告准则之经调整净利润为130.06亿元人民币，按年增长12.8%，符合本网综合14间券商预期。
公司去年智能手机收入达1,522亿元，按年增长24.6%；智能手机分部毛利率由2019年度的7.2%升至去年的8.7%。集团全球智能手机全年出货量逾1.46亿台，按年增长17.5%。集团去年互联网服务收入达238亿元，按年增长19.7%；广告业务收入为127亿元，收入按年增速达19.2%。
【业绩符预期前景展望佳】
花旗发表报告表示，指小米去年第四季业绩略优预期，料今年首季前景仍然强劲；经调整纯利亦胜该行及市场预期。该行指小米去年第四季收入按年升25%、按季跌2%，较该行及市场同业原预期各低5%及6%，毛利率达16.1%优预期，主要受益产品组合改善及减低宣传。该行表示，小米上季业绩略优预期，管理层对前景展望亦强过预期，该行重申对小米「买入」投资评级及目标价30港元。
大和估计，小米互联网收入的疲软增长将影响2021年上半年收入增长，受高基数影响下，预测游戏业务和金融科技业务的疲软，将抵消广告业务的强劲增长，主要由於其智能手机用户群的增长，对2021年收入增长的压力值得关注。在研发方面，其海外互联网收入占上季互联网总收入的14%，高於去年第三季度的12%。该行表示，由於料互联网收入疲软，将小米目标价从27港元下调至25港元，维持「持有」评级。
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本网最新综合6间券商对其投资评级及目标价：
券商│评级│目标价(港元)
瑞信│跑赢大市│34.3元
花旗│买入│30元
野村│买入│27元
大和│持有│27->25元
摩根士丹利│与大市同步│24元
瑞银│沽售│22元
券商│观点
瑞信│去年四季度业绩胜於预期，料今年首季前景依然稳定
花旗│去年四季度业绩略胜预期，料今年首季前景强劲
野村│上季增长放慢後，估计今年首季将会转强
大和│游戏收入或对今年上半年互联网收入增长带来压力
摩根士丹利│去年四季度智能手机和互联网业务毛利超预期
瑞银│供应链紧张导致去年四季度营业收入未达标
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