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《大行報告》麥格理降小米(01810.HK)評級至「中性」 目標價下調至18.74元
阿思達克 11-10 10:29
麥格理發表報告,指小米(01810.HK)第三季的智能手機出貨量未達該行預期,加上競爭更加激烈,調低對其市場份額前景。同時將小米的評級由「跑贏大市」下調至「中性」,並將目標價由下調48%至18.74元,因中國的市場份額下降,以及海外的份額增長放緩。 麥格理指,榮耀在中國帶來的競爭比預期強,雖然小米正按計劃在2021年建立1萬間新店以加強其線下網絡,但預計隨著明年更多芯片組的推出,榮耀的市場份額增長勢頭將繼續。該行將小米2021、2022及2023財年的中國市場份額預測從15%、16.5%及16.5%,下調至14.2%、13%及13%。 該行指,由於智能手機的利潤率提高,將小米2021財年的非國際財務報告準則純利預測提高6%,但由於智能手機、物聯網和互聯網服務前景減弱,將2022年同2023財年的純利預測分別降低4%和7%。
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