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一文綜合大行於小米(01810.HK)公布季績後最新評級、目標價及觀點
阿思達克 11-24 11:50
小米集團(01810.HK)今早股價受壓,盤中曾低見19.02元一度下挫8.1%,最新報19.28元跌6.9%。美銀證券發表報告,認為小米智能手機業務環境困難、互聯網業務出現挑戰,而小米管理層對智能手機出貨量持保守態度,並將出貨量指引由2億下調至1.9億,意味著今年第四季將按季持平。該行將小米目標價由19元下調至18.7元,重申小米「跑輸大市」評級。 小米昨收市公布截至今年9月底止第三季純利7.92億元人民幣按年跌83.8%;每股盈利0.03元人民幣。期內錄得投資公允價值虧損19.75億元人民幣,對比去年同期錄投資公允價值收益34.17億元人民幣。 非國際財務報告準則下經調整淨利潤為51.76億元人民幣,按年升25.4%,符合本網綜合14間券商預測介乎40億元至59.68億人民幣,稍高於預測中位數48.55億人民幣。期內收入780.63億元,按年升8.2%,亦高於券商預測中位數774.05億人民幣。 【季績股價挫 憂內地競爭】 美銀證券指,小米管理層認為零件短缺的挑戰持續到明年上半年,暗示不確定性持續到明年,雖然智能手機毛利率受到產品組合改善的支持,但線下持續擴張導致不斷上升的運營支出,應拖累營業收入。該行表示,由於智能手機出貨較慢,對小米互聯網業務保持謹慎。 野村指,小米第三季業績無驚喜,相信智能手機付運疲弱已經反映,但指公司旗下智能手機及電視在內地市場份額增加的透明度有限,因面對來自榮耀等競爭,市場關注小米在內地市場相關市佔率或難以提升,並指小米需等待新的催化劑出現,維持對其「中性」評級及目標價31元。 ----------------------- 本網綜合10間券商列出對其投資評級及目標價: 券商|評級|目標價(港元) 花旗|買入|32元 摩根士丹利|增持|31.5元 野村|中性|31元 高盛|買入|28.5元 摩根大通|增持|28元 瑞信|跑贏大市|28.5元->27元 大和|跑贏大市|24元 瑞銀|中性|23元 麥格理|中性|19.52元 美銀證券|跑贏大市|19元->18.7元 券商|觀點 花旗|第三季度供應鏈挑戰依然存在,業績表現符預期 摩根士丹利|料四財季呈改善 野村|三季度毛利率達18.3%高於預期,業績符預期 高盛|三季度盈利增25%符預期 摩根大通| 三季度盈利增長符預期,互聯網服務保持穩健增長 瑞信|儘管供應受限,三季度業績大致仍符預期 大和|供應鏈問題料明年上半年緩解,未來兩年市場份額將增長持續 瑞銀|業績無驚喜 麥格理|海外互聯網服務收入快速增長,惟擔憂行業競爭加劇 美銀證券|智能手機前景困難,互聯網業務存挑戰
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