《大行報告》星展下調小米(01810.HK)目標價至14.5元 維持「買入」評級
星展發表研究報告指,受智能手機出貨量下跌所拖累,小米(01810.HK)首季收入按年下跌5%,經調整純利則跌近53%,因應出貨量下降,該行將對小米2022至2024年盈利預測下調各36%、24.4%及23.5%。
惟該行預期,小米持續拓展歐洲高端市場,搶佔的華為市場份額,將帶動2021至2024財年智能手機出貨量年複合增長率12%,預期收入地區多元化可大大抵銷中國潛在技術阻制的影響。
星展認為,小米的互聯網服務業務增長理想,將有利於帶動整體利潤率,預計整體毛利率將從2021財年的18%提升至2024財年的20%。
因應業績表現及盈利預測調整,星展將小米的目標價由22.6元下調至14.5元,對其前景保持樂觀,維持「買入」評級。
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