《大行報告》瑞信下調小米(01810.HK)目標價至28.5元 評級「跑贏大市」
瑞信發表小米(01810.HK)季績前瞻報告,預料公司今年第三季營收可能未達標,但毛利率和經調整盈利將勝預期。該行預計小米今年第三季的收入將按年增長3%,達到740億元人民幣(下同),比市場共識低12%,而毛利率將達18.1%,市場共識為16.6%,經調整淨利潤可能按年增長21%,達到50億元,比市場共識高5%。
該行指,將小米2021年至2023年的智能手機出貨量從2.02億/2.37億/2.59億部下調分別至1.95億/2.26億/2.47億部,以反映芯片短缺和競爭加劇。同時預測小米互聯網服務業務在第三季將按年增長26%,而IoT業務增長只有13%,智能手機業務就按年跌3%。
瑞信維持小米今年的每股盈利預測,但將2022年至2023年的硬件業務的每股盈利預測減少4%至7%,將目標價由35港元下調至28.5港元,保持「跑贏大市」評級。該行相信小米的互聯網服務業務加速增長可以支持近期的發展,電動車業務能見度亦可以推動重新評級。
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