里昂予小米(1810.HK)评级至“跑赢大市”目标价11港元
里昂发表研究报告,指小米(01810.HK)第二季收入差过预期,但盈利好过预期。该行指,小米期内收入按年升14.8%至520亿元人民币,较预期低6.5%。当中,智能电话及互联网服务业务最令人失望,主要受5G转换、宏观弱势及游戏规限等影响;物联网是增长亮点,该业务收入按年增长44%。该行指,小米於2019年将专注於毛利率多於收入,以令公司于5G发展上占较佳位置。

期内,公司经调整纯利按年升70%至36亿元人民币,较预期高27%,因为智能电话毛利率处於8%高位水平,但研发开支等仅按年升11-14%。不过,该行指,受到5G发展及贸易战影响,未来6-12个月宏观景况仍存挑战,该行将小米2019及2020年盈利预测分别上调2%及下调15%,目标价由14港元降至11港元,评级由“买入”降至“跑赢大市”。
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