《大行報告》美銀證券下調小米(01810.HK)目標價至15.3元 評級「跑輸大市」
美銀證券發表報告,小米(01810.HK)第四季度智能手機出貨量按季升2%至4,500萬部,全球市佔比由去年第三季的13.4%跌至12.3%,反映來自中國及歐洲的競爭加劇,預期小米出貨量再進一步轉弱。
該行稱,小米在內地亦繼續跑輸蘋果及榮耀手機,小米於內地去年第四季度出貨1,350萬部智能手機,按季增長24%,按年增長11%,可能是受惠於零件供應短缺情況略為好轉。不過,該行擔心小米今年的地位,主要是內地的需求疲軟,加上來自榮耀手機壓力持續,該公司自去年第三季度以來一直保持市場高份額,加上在高端市場,iPhone需求仍強勁。
美銀證券稱,即使在外國市場,小米亦面對三星及中國同行的競爭,尤其OPPO及其子品牌Realme已經強勢擴張,故該行下調小米2022年及2023年盈利預測下調5%及6%,反映艱難的智能手機市場環境、互聯網增長放緩及線下擴張造成毛利壓力,將目標價由18.7元下調至15.3元,並重申「跑輸大市」評。
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