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高盛:維持小米集團(1810.HK)買入評級 目標價29.3港元
格隆匯 11-03 16:41

高盛發表研究報吿指,小米集團(1810.HK)正在優化跨地區出貨量及價格範圍,以提高集團層面的盈利能力,小米第三季智能手機出貨量按年跌4.6%至4430萬部,低於該行預期。該行維持“買入”評級,目標價由29.5港元輕微下調至29.3港元。

高盛預期,小米第三季收入將按年升13%至812億元人民幣(下同);當中智能手機收入按年升8%至513億元,平均售價按年升13%,部份被出貨量按年跌5%所抵銷;物聯網及生活休閒產品收入按年升22%至222億元;互聯網服務收入按年升23%至71億元。該行又預期,小米第三季毛利率擴至17.7%,經調整純利按年升25%至52億元,即淨利潤率6.4%。

高盛將小米2021-23年收入預測下調3%,主要由於更低的智能手機銷售,部份被互聯網服務收入上升所抵銷。另外,高盛大致維持其2021-23年非國際財務報吿準則淨收入預測。

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