《大行報告》里昂降小米-W(01810.HK)評級至「跑贏大市」 削目標價至14.6元
里昂發表研究報告指,小米-W(01810.HK)第二季業務表現受到中國內地和歐洲消費者信心疲軟嚴重影響,預計收入將按年下降20%至700億元人民幣,其中智能手機收入將下降28%;物聯網海外銷售亦預期有所下降,互聯網服務則受到內地廣告市場低迷的影響。
考慮到收入下滑及對電動汽車的研發投資,該行預計小米第二季經調整後淨利潤將按年下降69%至19億元人民幣。全球宏觀經濟困境下,預計下半年銷售將維持疲軟。
里昂將小米的全球智能手機銷量預測下調至1.65億部,並將2022至2023年經調整後淨利潤預測下調22%及20%,評級從「買入」下調至「跑贏大市」,目標價從20元下調至14.6元,以反映盈利預測下調及貼現現金流估值折讓15%。
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