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《大行報告》美銀證券下調小米(01810.HK)目標價至9.8元 評級「跑輸大市」
阿思達克 05-13 11:16
美銀證券將小米(01810.HK)2022年第一季的銷售額和經調整盈利預測分別下調6%和31%,以反映第三方數據的最新第一季智能手機出貨量,以及中國供應中斷,和高物流費用導致的持續營運負擔。由於智能手機前景疲軟,互聯網盈利壓力,重申對小米的評級「跑輸大市」,目標價由11.5元下調至9.8元。 該行表示,由於國內供應中斷,中國和歐洲宏觀經濟疲軟,預計今年小米智能手機出貨量將面臨多重阻力,預測2022和2023年出貨量各為1.79億和2億部,原先估計分別為1.9億和2.04億部,低於2021年的1.9億部。該行認為這可能會阻礙互聯網業務的毛利率狀況,因為預裝的盈利貢獻減少,反過來拖累了收益和估值。 美銀證券表示,擔心小米電動汽車業務擴張帶來的營運支出比率上升,預計其在2024年上半年量產的目標將面臨巨額開支。該行將2022和2023年的盈利預測分別下調15%和9%。
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