《大行报告》美银证券上调小米(01810.HK)目标价至30元 评级「中性」
美银证券发表的研究报告指,小米集团(01810.HK)首季经调整溢利按年升164%至61亿元人民币(下同),分别较该行及市场预期高81%及54%,主要受惠毛利率改善至18.4%,该行相信是由於期内智能手机出货的产品组合改善,加上互联网业务方面毛利率提升,此外实际经营溢利亦较该行预测高53%达60亿元,按年增长163%。
该行指出公司首季智能手机出货量达4,900万台,毛利率12.9%创新高,预期中国及印度於第二、三季智能手机及IoT需求均较弱,不过认为相关因素将被欧洲出货量增长所抵销。美银证券料其智能手机毛利率将趋向正常化,主要因为安卓同业库存消化,而荣耀亦会在下半年回归。此外线下渠道扩张及线上线下同价的策略或拖累经营开支。
该行指出首季公司互联网业务营业额达66亿元,毛利率扩张至72.4%,而去年第四季仅68.4%,主要受惠高端型号预载应用定价较高,不过该行估计互联网业务利润将转弱,主要因为内地需求减慢,加上在第三季尾旺季前将有较少高端型号推出,同时公司对金融科技方面亦较保守。
该行将公司2021至2023年每股盈测升1%至19%,以反映业绩表现,目标价由27.4元升至30元,重申「中性」评级,认为公司有稳健业绩,而欧洲方面增长亦强劲,不过内地及印度竞争加剧。
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