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《大行報告》美銀證券下調小米(01810.HK)目標價至27.7元 重申「中性」評級
阿思達克 08-26 14:15
美銀證券發表報告指,上調小米(01810.HK)今年經調整盈利預測7%,並將明年預測下調2%,以反映中國內地手機市場競爭加劇,下調對其目標價由28元降27.7元,重申「中性」評級,認為其風險與回報率已趨平衡。 該行指小米第二季經營收入按年增長212%至53億人民幣,較該行預測高出11%,在智能手機出貨量強勁、銷售均價上升及廣告收入貢獻提升下,銷售及毛利率均勝預期。該行指,小米期內手機銷售額按年增長87%,按季亦增長15%,銷售均價按季提升7%。上半年高端型號智能手機出貨量達1,200萬部,較2020年同期的約1,000萬部顯著提升。 該行指出,小米並無調整全年出貨量目標,僅強調了線下銷售網絡快速擴張,令第二季市場份額由首季的7%提升至7.8%,預期線下渠道擴張將帶來進一步推動市場份額增長,但提醒投資者,公司旗下中國內地門店運營效率,及來自同業榮耀快速擴張將是未來主要不確定性因素。 美銀證券稱,小米第二季互聯網收入按季增長7%,美銀相信手機出貨量可支持互聯網業務發展,惟內地當局收緊對教育行業及大數據的監管,或將影響廣告收入增長情況。
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