《大行報告》高盛升小米(01810.HK)目標價至15元 評級「買入」
高盛發表研究報告,引述小米(01810.HK)管理層指公司相比其他同業,受到疫情的影響較小,這主要是由於其在線銷售渠道較集中、擁有遍佈全國的工廠及供應商夥伴網絡,有助減低湖北工廠停產的影響。
該行預期,疫情對於小米各部門的影響好壞參半。在智能手機及物聯網業務方面,預期最少一周的工廠停產,可導致各種智能手機及物聯網項目的延遲,物流能力恢復的速度放慢將會導致更高的訂單取消百分比。然而,該行認為物流限制及工廠產能短缺的問題是可控的,因為得知小米正積極探索零部件及原材料的替代供應渠道,並與地方政府協調以恢復工廠營運。
在互聯網服務方面,預期這將會令小米生態系統中的用戶參與度提高,但對收入的整體影響則仍未明。另外,認為在充滿挑戰的環境下,廣告客戶的需求減弱將會導致廣告收入出現意外下跌,但這或會被增值服務的強勢所抵銷。因此,該行將公司2020年首季的智能手機及物聯網業務收入分別下調11%及21%,並將對互聯網服務的預測下調6%。
高盛將公司2019年收入預測上調1%,以反映國際市場的智能手機銷售改善;非通用會計準則下的純利預測則下調2%,反映收入組合改變。基於今年首季疫情的影響,將公司2020年的收入及純利預測則分別下調3%及10%,並將2021年的預測分別上調3%及9%。目標價由原來的11.6元上調至15元,維持「買入」投資評級,對其5G業務的發展及長遠前景維持樂觀。
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