《大行報告》高盛輕微下調小米(01810.HK)目標價至29.3元 評級「買入」
高盛發表研究報告,相信小米集團(01810.HK)正優化各地區智能手機付運及價格範圍,以改善集團層面盈利能力,估算在中國的毛利和月度活躍用戶人數,達其餘地區的4至5倍,主因來自互聯網服務的高收入貢獻。行業芯片短缺的問題,加上去年下半年高基數,致第三季全球智能手機付運按年跌6.7%至3.31億部,小米同期智能手機付運按年跌4.6%。
該行指出,小米第三季業績將於11月中至下旬公布,預期收入按年增13%,由智能手機、IoT及生活產品收入,以及互聯網服務收入帶動。毛利率料由次季17.3%擴張至17.7%,經調整溢利料52億元人民幣,按年增25%,意味淨利潤率由次季7.2%收窄至6.4%。
高盛下調小米2021至2023年收入預測3%,而非標準會計準則計算的純利預測則大致維持,目標價由29.5元輕微降至29.3元,維持「買入」評級。
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