《大行报告》瑞信上调小米(01810.HK)目标价至32.5元 评级「跑赢大市」
瑞信发表报告指,小米(01810.HK)第三季收入创新高达722亿元人民币(下同),按年虽增长34.5%,但仍较该行预测低14%,主要因为平均销售单价下跌低毛利较高,其收入亦较市场预期高3%,期内经调整溢利按年升19%至41亿元,较该行及市场预测分别高23%及25%,主要受惠经营开支减少及录得投资收益。
该行将小米2020至2022年销售预测分别降7%、6%及6%以反映智能手机平均销售单价预测下降的影响,但就将公司2020-22年每股盈测分别升6%、2%及1%,以反映非经营业务表现高过预期,目标价由31元升至32.5元,维持「跑赢大市」评级。
瑞信认为小米在全球智能手机出货量的市场份额达到历史高位13%,继续认为公司可受惠华为的禁令,而华为出售荣耀公司亦未转变公司的策略,包括是双品牌及智能手机x AIoT策略,另外小米亦会继续扩张高至低端手机市场。
该行指出,金融科技的风险管控及游戏收入减慢短期或会为互联网业务带来阴霾,不过电视及海外互联网业务强劲增长,料IoT业务第四季有望持续复苏。(el/w) ~
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