《大行報告》麥格理下調小米(01810.HK)目標價至6.24元 評級「跑輸大市」
麥格理發表研究報告指,小米(01810.HK)第二季收入按年下跌20%,低於該行預測14%。在研發開支增長下,經營開支比率亦提升3.6個百分點。非國際財務報告準則下純利按年跌61%,亦較該行預測低31%。
報告補充,消費市場支出趨勢疲軟,繼續抑制海外物聯網需求及全球智能手機銷量,加上互聯網服務變現能力仍然薄弱,因此維持小米「跑輸大市」評級,目標價由8.4元下調至6.24元。
該行將小米2022至2024年非國際財務報告準則下盈利預測下調25%、26%及15%,以反映智能手機平均售價下降、物聯網和互聯網服務收入增長放緩等因素,但同時亦計及月活躍用戶數量出乎意料地持續增長,以及物聯網毛利率出現改善。
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