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小米四季度業績略超預期,回購計劃有助提振投資情緒
uSMART盈立智投 03-23 10:05

小米公佈第四季度業績,並宣佈100億港元的回購計劃。中金和花旗認爲小米業績略超預期,花旗並表示回購將有利提振投資者情緒,小米股票交易具有吸引力。不過考慮到手機市場需求不振,中金下調小米今明兩年的淨利潤預測和目標價。  

昨天晚間,小米集團發佈2021年Q4及全年財報,四季度總收入達到856億元,同比增長21.4%;經調整淨利潤達到人民幣45億元,同比增長39.6%。2021全年,小米集團總收入人民幣3283億元,同比增長33.5%,經調整淨利潤達人民幣220億元,同比增長69.5%。手機方面,小米智能手機全球出貨量及市場份額均創歷史新高,全球出貨量達1.9億臺,同比增長30.0%。根據Canalys數據,2021年小米在全球14個市場排名第一,全球62個市場排名前五,歐洲市場排名第二。

中金分析師彭虎等在報告中指出,

  • 小米第四季度業績略超出預期,主要因廣告業務快速增長,廣告收入佔比提升帶動互聯網毛利率提升,以及出售公寓帶動其他收入同比增長41.3%
  • 繼去年100億港元回購後,公司再次公告回購計劃,彰顯長期信心
  • 考慮全球疫情反覆,手機市場需求不振,預計2022年手機出貨量或承壓,下調公 司全年出貨量預期至2億臺
    • 分別下調今明兩年經調整淨利潤5.3%和13%, 至206.74億元和224.95億元人民幣
    • 下調目標價13.8%至25港元
  • 造車方面,預計造車費用短期將對利潤有影響,但長期看好公司2024年上半年智能汽車量產後帶來的收入增量及估值提升

花旗分析師Andre Lin等在報告中指出,

  • 小米第四季度業績略超預期,主要受智能手機的平均售價和互聯網月活躍人數驅動
  • 投資者仍然擔心公司短期的供應限制、需求前景和利潤率趨勢,不過就公司質量和增長而言,股票交易具有吸引力
    • 相信小米能夠在智能手機領域表現出衆,因其多元化的業務可以在低迷時期平滑波動
  • 公司宣佈回購將有利投資者情緒
  • 維持對公司的買入評級,目標價27港元,並建議有耐心的投資者增持股票
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