《大行報告》麥格理下調小米(01810.HK)目標價至12.8元 評級「中性」
麥格理發表報告,指小米(01810.HK)去年第四季毛利率在物聯網和互聯網服務的推動下稍勝預期,但較高營運開支導致其經營利潤較該行估計低18%,而且每月活躍用戶增長也低於該行預測。
報告補充,雖然小米對智能手機市場份額的增長保持樂觀,但該行保守估計智能手機銷量增長3%,反映了該行對中國、印度日益激烈的競爭以及其他中國 Android品牌在其他海外市場的日益增長的擔憂,這可能會減緩小米的增長速度。
該行預測,小米今年物聯網和互聯網服務的收入將分別增長 30%和10%。由於較低的遊戲收入、智能手機平均售價和較高的經營開支預期下,該行將小米2022至2023年非國際財務報告準則盈利預測降低約23%,目標價相應下調24%,即由16.81元降至12.8元,維持「中性」評級。
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