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《大行報告》美銀證券下調小米(01810.HK)目標價至18.7元 評級「跑輸大市」
阿思達克 11-24 10:22
小米集團(01810.HK)今年第三季非國際財務報告準則下,經調整淨利潤爲52億人民幣按季跌18%(按年升25%),美銀證券發表報告,將小米今年盈利預測上調2%,並基本維持明年及後年盈利預測不變,不過基於每股投資價值下降,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。 該行認爲,小米智能手機出現環境困難、互聯網業務出現挑戰,並具運營支出負擔。該行認爲,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,意味着今年第四季將按季持平。 美銀證券指,小米管理層認爲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,由於每月活躍用戶數量增加,中國第三季每用戶平均收入按季下降,監管措施也爲互聯網業務帶來不確定性。
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