《大行報告》里昂下調小米(01810.HK)目標價至31.5元 評級「買入」
里昂發表研究報告指出,小米(01810.HK)2021財年第三季業績符合預期,總收入按年增長8.2%至781億元人民幣,較該行預期高1.7%,調整後淨利潤按年增長25%至52億元人民幣,亦較該行預期高0.2%。
該行認為,關鍵零件短缺,以及更高的運輸成本,為小米智能手機和物聯網帶來負面影響,但在廣告和遊戲服務推動下,公司全球用戶基礎不斷擴大,其互聯網服務收入增長加速。小米預計,鑑於供應仍然緊張,2021年的智能手機出貨量約1.9億部(第四季約4,400萬部),但料2022財年下半年供應復甦,預期明年的智能手機出貨量可能增長20%至25%。
此外,該行將小米2021及2022年的調整後淨利潤預測下調4%,目標價由33.5元降至31.5元,維持「買入」評級。
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