《大行報告》美銀證券下調小米(01810.HK)目標價至9.2元 評級「跑輸大市」
美銀證券發表報告表示,小米(01810.HK)今年首季經調整純利按年下跌53%,實際經營溢利則下跌55%,表現遜該行預期。
美銀證券指出,半導體及零部件供應雖然逐漸改善,但受物流中斷、宏觀經濟及疫情影響,小米管理層對今年智能手機及物聯網業務前景持保守看法。去庫存令首季智能手機毛利率降至9.9%,美銀預期「618」促銷將部分抵銷第二季的銷售下滑,但預期公司利潤率將面臨壓力。
該行相信智能手機市場前景將維持疲軟,同時小米管理層認為在嚴格的監管下,中國企業的廣告預算仍然緊張。
美銀證券重申小米的「跑輸大市」評級,目標價由9.8元下調至9.2元,並將2022至2024年盈利預測下調11%至14%,以反映首季業績、疲弱前景及電動汽車業的投資,預期在多重不利因素下,小米表現將較大市遜色。
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