惠譽:需求疲軟及電動汽車業務或令小米(01810.HK)評級下行壓力加大
惠譽評級表示,中國經濟放緩導致內需萎縮,同時印度及歐洲通脹加劇,預期智能手機需求疲軟、消費者情緒低迷汞跨境物流成本攀升,導致物聯網和生活類產品增速放緩,將令小米(01810.HK)今年營收下滑6%至7%。
由於核心市場中國、印度和歐洲的消費者需求走弱,小米全年智能手機出貨量或將以中雙位數速度下降,智能手機毛利率則可能降至10%左右。
惠譽又指,小米計劃加大對電動汽車業務投資,預期惠譽所定義的非金融業務EBIT利潤率在2022年至2023年或將收窄至3.8%至5.3%,全年自由現金流或將轉為負。
惠譽指,小米的評級緩衝空間或將收窄,但其市場地位穩固及淨現金雄厚,將繼續為評級帶來支持;不過若小米經營業績降幅或電動汽車業務投資規模超出惠譽預期,導致該公司自由現金流持續為負,評級下行壓力或會加大。
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