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《大行報告》瑞信下調小米(01810.HK)目標價5%至11.6元 評級「中性」
阿思達克 04-01 11:01
瑞信發表報告指,小米(01810.HK)去年收入及經調整淨利分別為2,060億元及115億元人民幣(下同),分別符合及稍高於該行預測,期內收入及毛利均稍為遜預期,主要因為期內經營開支高過預期,而硬件銷售及毛利則遜預期,但互聯網收入則好過預期。

該行指出,雖然受新型冠狀病毒疫情影響,但小米旗下內地智能手機銷售在三月份快速反彈,而公司生產亦已恢復至正常水平的80%-90%,而海外銷售的影響將在次季顯現,廣告業務方面所受影響則料可被視頻及遊戲方面的流量所抵銷。

瑞信稱,不認同管理層對供應面的樂觀看法,並估計公司今明兩年出貨量將分別為1.32億及1.47億台,低過早前預測,而智能手機及IoT銷售增長將放慢至20%及30%,而互聯網收入增速則會維持在21%水平。

該行將小米2020/21年經調整每股盈利分別降5%及2%,以反映硬件銷售較低及經營開支較高,目標價降5%至11.6元,維持「中性」評級。(el/w) ~

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