高盛:維持小米(1810.HK)買入評級 目標價28.5港元
高盛研報指,降小米集團(1810.HK)目標價從29.3港元降至28.5港元,維持“買入”評級。
該行稱,小米第3季純利及網絡服務收入表現令人驚喜。面對晶片供應短缺等情況,智能手機及人工智能物聯網(AIoT)收入低於預期,經調整純利按年升25%,符該行預期。網絡服務收入按年升27%,勝預期,其中,高端市場策略推升服務每月用户收入(ARPU)。
不過,高盛預期公司明年仍受環球供應短缺影響,為反映較低的智能手機及AIoT出貨量預測,該行下調公司2021-23年收入預測2%、1%、1%,但較強勁的網絡服務收入會抵銷部分收入損失。另外,同期經調整純利預測亦分別下調1%、4%、2%,以反映網絡服務收入貢獻上升,推動毛利率上升,但同期有較高的管理、研發開支因素。

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