《大行報告》麥格理下調小米(01810.HK)目標價至8.4元 評級「跑輸大市」
麥格理發表報告表示,下調小米(01810.HK)目標價至8.4元,相當於2023年預測市盈率12倍,評級「跑輸大市」。該行下調對小米今年盈利預測31%,基於經營開支比率上升等因素。該行對小米今年至2024年收入預測亦下調11%至13%,反映硬件收入預測因全球經濟走弱及海外市場市佔增長放緩而下調。
該行指,小米首季收入較該行預期低6.8%,智能手機銷售下跌,海外市場物聯網(IoT)產品銷售亦轉弱。毛利率則因物聯網盈利能力高於該行預測0.3個百分點,但經營開支比率按年升3.1個百分點,經營溢利較該行預測低36%,亦較市場預測低19%,受差劣的成本控制及物流成本上升拖累。
麥格理預期小米未來數季收入趨勢仍然疲弱,料全年銷售按年跌4%,但小米同時預期今年增加汽車的研發開支。
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