《大行报告》高盛料小米(01810.HK)第二季收入升18%稍降目标价至12.7元
高盛发表报告表示,小米集团(01810.HK)将於明天(20日)公布今年第二季业绩,该行估计公司期内收入可按年增长18%至533亿人民币,料其物联网、互联网服务及智能手机业务收入可按年各升46%、19%及8%,分别至151亿、47亿及330亿人民币。
该行料小米集团今年第二季期间利润录24.84亿人民币,按年下滑83%(按季跌22%),并估计非国际财务报告准则计量经调整利润录28.99亿人民币,按年升36%(按季增长44%),估计毛利率录13.8%,因公司已从首季受一次性库存撇账因素中复苏。
高盛指按IDC数据,小米在全球智能手机市占率由8.9%按季升至9.7%,虽然中国内地智能手机录按年负增长12%(按季则升10%),但销售予印度及印尼付运持续强劲,同时因推出新型中端智能手机型号,亦有助提升总体产品售价。
该行表示,维持对小米「买入」投资评级,将目标价由13.9元降至12.7元,此相当2020年预测市盈率15倍。该行下调对小米於2019年至2021年总体收入预测约6%,主要考虑到在目前宏观经济下,内地线上广告行业前景较弱,及用户组合持续转向互联网服务收入较低的新兴市场。
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