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Market NewsCredit Suisse downgraded the target price of Xiaomi (01810.HK) to 16.3 yuan to "outperform the market" in the "big bank report".
Market NewsCredit Suisse downgraded the target price of Xiaomi (01810.HK) to 16.3 yuan to "outperform the market" in the "big bank report".Credit Suisse downgraded the target price of Xiaomi (01810.HK) to 16.3 yuan to "outperform the market" in the "big bank report".
阿思達克 05-11 10:12
Credit Suisse released a report that lowered the target price of Xiaomi (01810.HK) from 22.50 yuan to 16.3 yuan, rating "outperform the market" and lowered its earnings per share forecast for 2022 to 2024 by 17%.
Credit Suisse reported that Xiaomi's first-quarter results could be worse than expected, with revenue falling 9 per cent year-on-year to Rmb70 billion, 12 per cent below expectations. The gross profit margin may fall 0.9 percentage points year-on-year to 17.5%, in line with expectations. Due to falling sales, increased expenses and reduced non-operating income, adjusted net profit may fall 54 per cent year-on-year to 2.8 billion yuan, lower than expected.
The bank cut Xiaomi's smartphone shipments forecast for fiscal year 2022 to 2024 from 207 million, 228 million and 241 million to 180 million, 198 million and 208 million respectively to reflect the impact of the epidemic in the mainland. and the impact of geopolitical tensions, inflation or foreign exchange depreciation on overseas smartphone demand. The line may have bottomed out in the first quarter and will perform better in the second half of the year than in the first half.
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