《大行報告》匯豐研究下調小米(01810.HK)目標價至12.4元 評級「持有」
匯豐環球研究發表報告,指小米集團(01810.HK)去年純利遜該行原預期7%,而收入和毛利符預期,主因高營運開支所致。經常性盈利升35%。
該行指,小米去年第四季智能電話均價跌6%,毛利收窄至7.8%,網上服務銷售收入錄41%增長,主因回報較好。
匯豐環球研究表示,小米管理層指國內智能電話銷量正在復甦,3月下半月的付運量已回報至1月80-90%水平,惟海外銷售仍然受壓,物聯網方面,小米電視的全球付運量升52%,當中有多於1,000萬部是內地銷售,相信海外銷售增長機會,互聯網服務方面雖然廣告受壓,但有更多附加服務正在推出。
該行表示,降小米2020至2021年純利預期各7%及4%,目標價由12.5元降至12.4元,維「持有」評級。
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