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《大行報告》花旗下調小米-W(01810.HK)目標價至17元 評級「買入」
花旗發表研究報告指,雖然投資者已充分預期小米-W(01810.HK)次季業績會受到受消費者需求疲軟及去庫存所影響,但考慮到經濟前景惡化,相信小米盈利表現仍將低於市場預期,因應股價近期有下跌可能,因此對其長開爲期30日的負面催化劑觀察期,目標價從18元下調至17元。 該行認爲,在市場消化衰退中的負面前景及價格預期後,小米股價可能會從估值谷底持續復甦,建議投資者留意週期復甦的買入機會,因此維持對小米的「買入」評級。 由於宏觀需求疲軟,花旗預計小米第二季智能手機平均售價可能會下降,預測智能手機收入將按年下跌27%至434億元人民幣;受疫情影響,物聯網業務收入可能略低於200億元人民幣。同時月活躍用戶及每用戶平均收入增長放緩,互聯網業務收入可能持平達到70億元人民幣。 總體而言,花旗預測小米第二季收入達到714億元人民幣,按年跌19%,按季跌3%;經調整後淨利潤預期爲20億元人民幣,分別按年及按季跌68%及29%。 花旗又預期,下半年表現或較往年同期差,預測全年小米智能手機出貨量爲1.6億部,收入按年跌11%至2,927億元人民幣,調整後淨利潤則預期按年跌45%至122億元人民幣。
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