一文了解券商於小米(01810.HK)公布業績後最新評級、目標價及觀點
美證監通過中資公司除牌修正案，在美掛牌的中概股昨晚遭洗倉，本港上市的科網股今早亦涯沽，小米集團-W(01810.HK)今早股價曾低見22.8元一度下挫8.8%，其後跌幅略收窄，最新報23.7元下滑5.2%。
小米昨收市後公布去年業績，營業額2,458.66億人民幣按年升19.4%，純利203.56億人民幣按年升102.7%；每股盈利0.849元人民幣。不派息；小米去年按非國際財務報告準則之經調整淨利潤為130.06億元人民幣，按年增長12.8%，符合本網綜合14間券商預期。
公司去年智能手機收入達1,522億元，按年增長24.6%；智能手機分部毛利率由2019年度的7.2%升至去年的8.7%。集團全球智能手機全年出貨量逾1.46億台，按年增長17.5%。集團去年互聯網服務收入達238億元，按年增長19.7%；廣告業務收入為127億元，收入按年增速達19.2%。
【業績符預期前景展望佳】
花旗發表報告表示，指小米去年第四季業績略優預期，料今年首季前景仍然強勁；經調整純利亦勝該行及市場預期。該行指小米去年第四季收入按年升25%、按季跌2%，較該行及市場同業原預期各低5%及6%，毛利率達16.1%優預期，主要受益產品組合改善及減低宣傳。該行表示，小米上季業績略優預期，管理層對前景展望亦強過預期，該行重申對小米「買入」投資評級及目標價30港元。
大和估計，小米互聯網收入的疲軟增長將影響2021年上半年收入增長，受高基數影響下，預測遊戲業務和金融科技業務的疲軟，將抵消廣告業務的強勁增長，主要由於其智能手機用戶群的增長，對2021年收入增長的壓力值得關注。在研發方面，其海外互聯網收入佔上季互聯網總收入的14%，高於去年第三季度的12%。該行表示，由於料互聯網收入疲軟，將小米目標價從27港元下調至25港元，維持「持有」評級。
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本網最新綜合6間券商對其投資評級及目標價：
券商│評級│目標價(港元)
瑞信│跑贏大市│34.3元
花旗│買入│30元
野村│買入│27元
大和│持有│27->25元
摩根士丹利│與大市同步│24元
瑞銀│沽售│22元
券商│觀點
瑞信│去年四季度業績勝於預期，料今年首季前景依然穩定
花旗│去年四季度業績略勝預期，料今年首季前景強勁
野村│上季增長放慢後，估計今年首季將會轉強
大和│遊戲收入或對今年上半年互聯網收入增長帶來壓力
摩根士丹利│去年四季度智能手機和互聯網業務毛利超預期
瑞銀│供應鏈緊張導致去年四季度營業收入未達標
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