《大行報告》高盛下調小米(01810.HK)目標價至30元 評級「買入」
高盛發表報告指,小米集團(01810.HK)去年第四季收入按年升25%,毛利及淨利表現均好過預期,不過在遊戲方面的貢獻,則由以往的50/50跌至30/70。
該行指,小米去年第四季整體收入705億元人民幣,較該行及市場預期差7%,毛利升44%至113億元人民幣則較該行預期高4%,而毛利率16.1%主要是受惠互聯網收入組合改善,因此按非國際財務報告準則計算經調整淨利潤率為4.6%,較該行及市場預期高77個基點及94個基點,認為小米在高端智能手機及月活躍用戶方面表現令人鼓舞。
高盛將小米集團2021年及2022年收入預測各降3%及2%,以反映互聯網服務增長溫和,對2021年及2022年非國際財務報告準則淨利潤率預測分別降0.6個百分點及0.1個百分點,以反映研發投資增加以及高端手機推出銷售及推廣開支增加。
該行下調小米集團目標價由30.5元降至30元,此相當預測2022年市盈率20倍,評級維持「買入」。(el/w) ~
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