《大行報告》美銀證券上調小米(01810.HK)目標價至30元 評級「中性」
美銀證券發表的研究報告指,小米集團(01810.HK)首季經調整溢利按年升164%至61億元人民幣(下同),分別較該行及市場預期高81%及54%,主要受惠毛利率改善至18.4%,該行相信是由於期內智能手機出貨的產品組合改善,加上互聯網業務方面毛利率提升,此外實際經營溢利亦較該行預測高53%達60億元,按年增長163%。
該行指出公司首季智能手機出貨量達4,900萬台,毛利率12.9%創新高,預期中國及印度於第二、三季智能手機及IoT需求均較弱,不過認為相關因素將被歐洲出貨量增長所抵銷。美銀證券料其智能手機毛利率將趨向正常化,主要因為安卓同業庫存消化,而榮耀亦會在下半年回歸。此外線下渠道擴張及線上線下同價的策略或拖累經營開支。
該行指出首季公司互聯網業務營業額達66億元,毛利率擴張至72.4%,而去年第四季僅68.4%,主要受惠高端型號預載應用定價較高,不過該行估計互聯網業務利潤將轉弱,主要因為內地需求減慢,加上在第三季尾旺季前將有較少高端型號推出,同時公司對金融科技方面亦較保守。
該行將公司2021至2023年每股盈測升1%至19%,以反映業績表現,目標價由27.4元升至30元,重申「中性」評級,認為公司有穩健業績,而歐洲方面增長亦強勁,不過內地及印度競爭加劇。
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