《大行報告》大摩料小米(01810.HK)首季毛利率將回復至正常水平 市場焦聚今年復甦
摩根士丹利發表報告指,小米(01810.HK)智能手機出貨疲軟是眾所周知,但延長保養期可能會導致一次性費用,以及拖累上季智能手機的毛利率,然而該行表示,投資者對集團保持憧憬,以及焦聚今年復甦,同時相信公司首季毛利率將回復至正常水平將成為關鍵推動因素。此外,該行提到,去年第四季小米物聯網收入按季有所改善,表現較手機業務更為穩健。
該行表示,將小米上季非國際財務報告準則淨利潤預測下調至約13億元人民幣,主要反映智能手機出貨量及利潤均表現疲軟、以及營運開支較高,惟維持其目標價15元及評級「增持」不變,因相信大部份投資者關注集團今年前景,多於上季盈利表現。(ca/k)
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