《大行報告》麥格理下調小米(01810.HK)評級至「跑輸大市」 下調舜宇(02382.HK)目標價至111.1元
麥格理發表研究報告指出,由於中國和歐洲消費者支出疲弱,對今年全球智能手機銷量預測由原先的13.4億部,下調4%至12.8億部,即按年下跌5.5%。而消費疲弱將導致中國遷移至5G的進展放緩,延長相機降級周期,給品牌帶來毛利壓力。
該行認為今年下半年智能手機市場供過於求,或使競爭更為激烈,加上疫情封鎖措施令成本上升及全球物流影響亦令毛利率受壓,將小米(01810.HK)手機毛利率預測下調,評級由「中性」降至「跑輸大市」,以反映智能手機市場結構性疲軟及競爭。同時削減小米今年銷量3%至1.9億部。另將其2022至2024年淨收入預測下調5%、20%及34%。目標價降22%至9.97元。
此外,麥格理將2022至2024年的全球智能手機相機/鏡頭出貨量預測下調5%、3%及3%,至50億、52億及53億個,同時下調舜宇(02382.HK)相機模組及鏡頭出貨量預測,分別為跌4%及增長3%,低過公司10%至15%、5%至10%的增長指引。同時削減產品均價預測,對其2022至2024年的純利預測下調3%、5%及5%,目標價降22%至111.1元,維持「中性」評級。
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