《大行報告》大和下調小米(01810.HK)目標價至12元 評級「跑贏大市」
大和發表研究報告指,小米(01810.HK)將於下周四(19日)公布首季業績,考慮到近期疫情及地緣政治發展,將今年小米智能手機出貨量由2.05億部下調至1.83億部,預期供應鏈問題持續下,硬件業務將繼續面臨逆境。
該行預期小米今年首季收入將按年下跌6%,為上市以來首次下跌,當中智能手機業務收入料下跌12%,預期有部分被物聯網收入增長5%及互聯網收入增長9%所抵銷;首季調整後淨利潤則預料按年跌超過50%至28億元人民幣。
該行引述Canalys數據指,小米首季全球智能手機出貨量下跌20%至3,900萬部,低於預期的4,300萬部,當中主要受到疫情、芯片缺貨及俄烏衝突進一步加劇的影響,估計供應鏈正常化的時間表可能推遲到下半年。
大和將小米2022至2023年收入預測削減5%至8%,盈利預測則削減7%至19%,重申「跑贏大市」評級,但將目標價從16元下調至12元。
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