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《大行報告》大摩下調小米(01810.HK)目標價至13.4元 評級「增持」
阿思達克 08-05 10:42
摩根士丹利發表研究報告指,第二季行業需求疲軟,加上促銷活動去庫存,預計小米(01810.HK)智能手機利潤率將按季下降至8.8%;同時電動汽車成本持續增加,盈利預期持續受壓。 報告表示,地緣政治緊張及通脹壓力導致第二季市場情緒疲軟,不過期內小米智能手機出貨量達到3,950萬部,基本符合預期,估計由於高端產品延遲推出,智能手機平均售價將略有下降,令小米智能手機業務第二季收入下降27%至431億元人民幣。 該行指,市場整體需求疲軟,但小米AIoT業務表現優異,電視出貨量按年增長10%,而同期行業錄得6%跌幅。互聯網業務方面,該行預期監管解除後經營保持穩定。 大摩將第二季非國際會計準則下淨利潤預測下調至20億元人民幣,預測全年經常性利潤將達到95億元人民幣,目標價由14元下調至13.4 元,評級「增持」。
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