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《大行報告》瑞銀下調小米(01810.HK)目標價至15元 評級「中性」
瑞銀將小米(01810.HK)2022-2023每股盈利預測分別下調9%和7%,至0.78元和0.88元人民幣,目標價由23元下調至15元,短期缺乏催化劑,維持評級「中性」。 瑞銀估計小米在2022和2023年智能手機出貨量分別為1.95億和2.1億部,之前預測分別為2.15億和2.39億部,低於小米修訂後的今年出貨量目標2億至2.1億,預計高端化將提升平均售價,但認為5G物料成本和物流費用的增加將蠶食利潤,該行也下調小米物聯網家電和互聯網服務收入預測。 瑞銀認為,小米股價下跌已經反映了全球智能手機回軟、俄烏戰事和內地疫情等因素,關鍵的催化劑將是中國和全球智能手機需求的改善,和小米在高端市場的份額加速增長,該行亦認為,小米需要為其智能電動汽車業務提供更高透明度。
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