大行評級|摩根大通:下調小米評級至“中性” 今年留給市場的驚喜空間已經不大
摩根大通發表報告指,在近期股價強勁上升後,將小米評級由“增持”下調至“中性”,目標價則由34港元升至60港元,此按綜合方式作估值。雖然基本因素仍然強勁,但對於電動車持續強勁增長、物聯網和智能手機因消費補貼以及在智能眼鏡、機器人和人工智能等新領域取得突破(尚未得到證實)的一些預期,現時股價定價已非常樂觀。該行指,小米市盈率倍數亦接近先前的高位,但這並未被證明是可持續的。小米市值目前僅低於騰訊和阿里等中國大型TMT平臺,且市值已較比亞迪高出17%,建議投資者預先獲利,等待更好的入市時機。摩通指,該公司的基本因素繼續保持強勁,核心盈利穩健增長,電動車出貨勢頭強勁,但相信在近期強勁的表現後,今年留給市場的驚喜空間已經不大。
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