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《大行報告》麥格理下調小米(01810.HK)目標價至16.81元 評級「中性」
阿思達克 02-22 09:45
麥格理發表研究報告指,IDC最新數據指,小米(01810.HK)去年第四季智能手機銷售量按季增長1.5%,按年增長3.9%,主要來自市場份額增長所帶動。 但展望2022年,麥格理將小米的銷量預測下調300萬部至1.98億部,按年增長3%,預期面對榮耀在線上渠道的競爭,小米於中國智能手機市場佔有率將下降;同時由於競爭激烈,預測小米於印度市場份額增長將下降,其他海外市場增長放緩。 物聯網業務去年強勁反彈後,該行表示,將小米今年相關業務收入增長預測由26%下調至22%,預期增長將受到可穿戴設備、平板電腦、電視產品及白色家電的復甦所推動;互聯網服務收入預測下調2%,主要由於月活躍用戶預測下調及中國監管不利因素將導致廣告收入下降。 麥格理將小米2021年的經調整淨利潤預測下調5%,考慮收入增長放緩及汽車研發支出增加,將2022至2023年經調整淨利潤預測分別下調14%和18%,下調目標價至16.81港元,相當預測今年市盈卜庂4.7倍,維持「中性」評級不變。
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