《大行報告》美銀證券下調小米(01810.HK)目標價至19元 料或難達今年手機付運2億部目標
美銀證券發表報告,由於預期出貨量減少和研發開支增加,該行將小米(01810.HK)今年第三季經調整盈利下調2%至48億元人民幣。美銀證券將小米目標價由19.8元下調至19元,此按綜合方式作估值,重申「跑輸大市」評級。
美銀證券預計,小米旗下智能手機毛利率因推廣活動減少而按季增加,不過隨著需求減弱和同業競爭加劇,小米或未能達到今年全年2億的出貨目標,零件短缺或持續到今年第四季或明年第一季,進一步削減出貨量。
該行數據顯示,小米的市場份額自10月起下降,並流失至蘋果公司和榮耀,指小米嘗試平衡不同國外市場的訂單,有可能導致中國的需求下滑,認為海外市場變現能力有限,指中國市場仍然是小米的盈利主要推動力。
美銀證券說,小米出貨量減少,將拖累預裝銷售,從而影響互聯網業務的毛利率,另外監管問題將為小米廣告和遊戲銷售帶來不確定性。
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