《大行報告》摩通下調小米(01810.HK)目標價至19元 評級「增持」
摩根大通發表研究報告指,小米集團(01810.HK)去年第四季經調整溢利較市場預期及摩通預測分別9%及13%,主要受惠於互聯網服務業務毛利提升及智能手機平均售價更高。
摩通指,中國智能手機行業下滑,消費放緩及互聯網廣告增長有限,同時新興市場或因高通脹而承壓,認為行業經營環境仍然充滿挑戰,令小米目前市盈率已降至11.8倍,為上市以來最低水平。
該行預期,小米將始終如一地執行其發展戰略,智能手機產品在海外及中國市場的份額持續提升,產品高端化程度提高,互聯網服務以健康市場溢價增長,在海外市場的貢獻提高,物聯網業務亦在穩步增長。
雖然小米近期與其他科技股一同被市場拋售,但摩通相信公司面對ADR上市、互聯網平台法規、中國國內高風險敞口等中國科技股常見風險較小,認為目前估值及運營水平健康,提供較有吸引力的風險回報,維持「增持」評級,目標價由20元下調至19元,對應末來一年預測經調整每股盈利的15倍。
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