《大行報告》匯豐研究下調小米(01810.HK)目標價至11.1元 評級「持有」
匯豐研究發表報告指,由於智能手機業務表現欠佳、營運支出及研發開支增加,小米-W(01810.HK)首季經常性淨利潤按年下跌53%至28.58億元人民幣,不過首季業績疲弱早已被市場預期。
報告稱,小米主要消費者客戶群是入門級別用家,最受到目前宏觀經濟下行影響。因此下調全年智能手機出貨量預測由原先近2.03億部降至1.75億部,這也解釋了本年至今小米股價累跌約47%,遠跑輸恆指同期跌幅約14%。
考慮到智能手機出貨量預測降低及利潤率假設下調,該行將小米今年至2024年各年經常性淨利潤預測下調介乎33%至35%;另外,集團增加汽車業務的投資明顯地會提高營運支出,尤其在研發方面,料其盈利會承壓。
匯豐研究對小米今年至2024年各年純利預測分別146.04億、187.72億及233.22億元人民幣,較市場預期分別低20%、14%及8%,並將其目標價由14.1元下調至11.1元,維持「持有」評級。
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