《大行報告》瑞信升小米-W(01810.HK)目標價至17元 評級「跑贏大市」
瑞信發表報告指,小米-W(01810.HK)上季業績或觸底,其末季收入料按年跌25%至645億元人民幣;毛利率料按年跌0.2個百分點至16.9%;經調整後純利料按年跌71%至13億元人民幣,將較市場預期低出29%。
該行表示,將小米去年、今年及明年智能電話出貨量預測分別下調至1.53億部、1.47億部,以及1.54億部,以平衡出貨量及利潤,並預料公司今年經調整每股盈利按年升61%,受惠產品及銷售均價組合改善、成本控制等。
該行對公司在2022至2024年盈測大致上維持不變;考慮盈利能力改善,上調估值基礎,目標市盈率由13.7倍(較五年歷史均值低出一個標準差)上調至20.4倍(看齊歷史均值),以今年核心業務每股盈測計,目標價由11.5元上調至17元,維持其評級為「跑贏大市」。
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