《大行報告》匯豐研究降小米(01810.HK)評級至「持有」 目標價下調至14.9元
匯豐研究發表報告,將小米(01810.HK)2022年至2023年的凈利潤預測下調4%至8%,以反映互聯網服務增長放緩和汽車業務的運營成本上升。鑒於芯片短缺問題持續緩解,將該股評級從「買入」下調至「持有」,目標價由36.5元下調至14.9元。
報告指低估了能手機市場的競爭加劇,以及在宏觀經濟疲軟的情況下對互聯網的監管更加嚴格。小米的股價年初至今調整了13%,因為投資情緒轉差的速度比之前預期快。該行將小米智能手機的出貨量預測從2022年的2.22億部下調至2.12億部,並預計小米在中國的出貨量將按年持平增長,主要增量來自海外。
另外,報告指小米已經宣布計劃在第一階段對汽車業務投資100億元人民幣,並據報正在加快工廠建設和人才招募。該行認為,在未來兩到三年,運營成本可能會每年大幅提升超過40億元人民幣。因此,將2022年至2023年的運營成本假設提高了約7%至11%。
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