《大行報告》花旗上調小米(01810.HK)目標價至15.8元 評級「買入」
花旗發表報告指,受需求疲軟、去庫存以及利潤率受壓等影響,小米(01810.HK)去年第四季業績表現可能較市場預期差,因此將對其淨利潤預測下調至13億元人民幣,即按年跌71%,較現時市場預期低29%,收入則估計按年下跌24%至650億元人民幣。
該行表示,小米近期經營前景依然黯淡,國內需求或出現節日後季節性下降,海外市場亦未見起色,雖然迎來重新開放,但預期中國消費者仍需要更多時間來重建信心。花旗預計,去年第四季小米產品平均售價將按年下降4%至1,100元人民幣,拖累智能手機收入下跌27%至360億元人民幣;IOT業務收入則預期按年跌16%至210億元人民幣,互聯網服務收入料達70億元人民幣。
在經濟衰退的宏觀背景下,該行預計今年全球智能手機出貨量可能會保持低迷,至下半年中國將主導復甦,當經濟出現好轉時,小米可能會受惠於更有彈性的低端市場復甦,預測小米今年手機出貨量可按年反彈2%至1.53億部,預測全年收入增長8%至3,020億元人民幣,調整後淨利潤將達93億元人民幣。
花旗將小米2022至2023年收入預測下調3%及2%及2%,盈利預測下調6%及17%,並將明年收入及盈利預測分別下調2%及上調1%,憧憬新業務週期復甦和市場擴張帶來長期增長,目標價上調至15.8元,評級「買入」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
![](/hk/assets/image/code.84ab0b.png)
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.