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《大行報告》中金下調小米(01810.HK)目標價14.7%至14.5元 評級「跑贏行業」
阿思達克 11-04 10:10
中金發表報告指,預計小米(01810.HK)第三季收入按年跌10.1%至701.5億元人民幣(下同),而經調整純利則降61.7%至19.8億元。報告提到,小米智能手機季度出貨量跌幅逐漸收窄,出貨量按季持續增長,認為第三季集團智能手機出貨量的跌幅將優於全球市場的表現。 該行考慮到小米第三季沒有在海外推出新的智能手機,預計其智能手機的平均售價或已下降。基於出貨量和平均售價,預計公司季內智能手機收入將按年下降11.6%至422.7億元。另由於持續的促銷活動,預計公司季內智能手機毛利率將按年下降3.8個百分點,但按季則上升0.3個百分點至9%,又預計集團將在季內加快減少庫存。 基於第三季全球宏觀經濟低迷,消費者購買非必需品的意欲下降,預計季內集團物聯網業務收入將按年下降8%至192.6億元。然而,由於海運壓力得到緩解,料其毛利率將按年微升1.9個百分點至13.5%;互聯網服務收入則料按年跌4%,但按季小幅提升至70.4億元,毛利率或按年下降2.1個百分點至72%。 該行將集團今明兩年的經調整純利預測分別下調12.7%及20.4%,至90.4億和120.9億元,維持其「跑贏行業」評級,下調目標價14.7%至14.5港元。
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