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大摩:予小米(1810.HK)“增持”評級 目標價10.5港元
格隆匯 10-23 11:43
摩根士丹利發表研究報告,基於內地智能手機出貨量下跌,將對小米(1810.HK) 第三季的銷售預測下調2%至533億元人民幣(下同)。該行預期公司的毛利率趨勢將會按季持平在14.2%,經調整經營利潤率5.9%。對公司第三季的經調整盈利預測則大致不變,仍維持在27億元,這是因為健康的毛利率及潛在的非營運收入將有助抵銷疲弱的銷售表現。
另外,大摩預期小米2019年的智能手機出貨量將會按年增長4%,2020年將會增長16%。該行提到,其5G手機的定價將會更高,以反映更高的元件成本,但預期小米將繼續利用在成本效率方面的優勢來加快5G手機的推出,這將會是公司2020年的主要增長動力。該行將小米的目標價由原來的11港元下調至10.5港元,投資評級“ 增持 ”。
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