《大行報告》中信証券料小米-W(01810.HK)上季收入及利潤按季下滑 維持「買入」評級
中信証券發表報告指,受行業壓力及產品去庫存影響,小米-W(01810.HK)去年第四季手機出貨量按年下跌27%至3,320萬部,按季比較亦跌17%;同時由於部分維修保養政策調整,料對去年第四季利潤產生一次性的影響。
受智能手機業務拖累,該行預計小米上季收入及利潤均出現按季下跌,促銷活動及對於汽車等創新業務的投入,將令集團開支錄得按季上升。
展望2023年,中信証券預期隨著庫存水平及匯兌因素等壓力逐漸減輕,加上中國宏觀經濟復甦預期,小米收入前景有望改善,利潤亦將表現出更大彈性,將2022至2024年收入預測下調至2,802億、2,963億及3,235億元人民幣,非國際會計準則下淨利潤預測則降至83億、116億及136億元人民幣。
中信証券表示,持續看好小米手機+AIoT的長期戰略,關注公司中長期的投資價值,維持「買入」評級,目標價15元,對應今年預測市盈率約20倍。
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