《大行報告》高盛料小米(01810.HK)第二季收入升18%稍降目標價至12.7元
高盛發表報告表示,小米集團(01810.HK)將於明天(20日)公布今年第二季業績,該行估計公司期內收入可按年增長18%至533億人民幣,料其物聯網、互聯網服務及智能手機業務收入可按年各升46%、19%及8%,分別至151億、47億及330億人民幣。
該行料小米集團今年第二季期間利潤錄24.84億人民幣,按年下滑83%(按季跌22%),並估計非國際財務報告準則計量經調整利潤錄28.99億人民幣,按年升36%(按季增長44%),估計毛利率錄13.8%,因公司已從首季受一次性庫存撇賬因素中復甦。
高盛指按IDC數據,小米在全球智能手機市佔率由8.9%按季升至9.7%,雖然中國內地智能手機錄按年負增長12%(按季則升10%),但銷售予印度及印尼付運持續強勁,同時因推出新型中端智能手機型號,亦有助提升總體產品售價。
該行表示,維持對小米「買入」投資評級,將目標價由13.9元降至12.7元,此相當2020年預測市盈率15倍。該行下調對小米於2019年至2021年總體收入預測約6%,主要考慮到在目前宏觀經濟下,內地線上廣告行業前景較弱,及用戶組合持續轉向互聯網服務收入較低的新興市場。
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