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《大行报告》美银证券上调小米(01810.HK)目标价至9.4元 评级「跑输大市」
阿思达克 04-01 11:01
美银证券发表的研究报告指,小米(01810.HK)去年第四季经调整净收入为23亿元人民币(下同),按年增26%,但按季跌32%,高於该行及市场预期53%及19%,但实际经营溢利则为9.85亿元,差过预期,主要因为期内毛利较低,而经营开支亦较高。

该行指出内地智能手机需求自3月开始复苏,但疫情影响到海外市场,料情况将在4-5月持续,该行较担心印度市场,公司有35%的智能手机出货量是在当地,而现时印度工厂及物流均停工。另外公司在欧洲的扩张亦将放慢,主要因为当地情况转差,各地政府亦有不同的隔离措施。

在内地市场方面,去年第四季非中国市场的广告及游戏收入占整体互联网收入的43%,主要受惠小米有品及金融科技方面增长较快,该行估计2020年游戏收入将有较好表现,因为很多人都留在家中,但认为中国广告业务今年或保持疲弱,而广告定价将面对下行压力,同时上半年智能手机销售将放慢,亦会拖累预装程式方面的销售表现,并影响到利润。

该行将公司2020/21年盈利预测分别降3%,以反映经营开支较高影响,目标价由9.4元降至9元,重申「跑输大市」评级,认为经济放慢将拖累需求,而公司海外智能手机销售亦较多。(el/a)

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