《大行報告》美銀證券上調小米-W(01810.HK)目標價至8.6元 評級「跑輸大市」
美銀證券發表報告指,參加了小米-W(01810.HK)投資者日,主要亮點包括業務重點轉向規模和盈利能力兩方面;今年研發費用為200億元人民幣,電動車開發成本為75億至80億元人民幣;管理層對智能手機前景持審慎樂觀態度。
報告指,小米管理層維持明年上半年電動車量產時間表,並指出冬季路測已於去年12月開始。該行認為時間表符合預期,但支出似乎比預期高,擔心小米電動車交付在內地競爭環境加劇下,特別是在Tesla減價後,高營運成本可能變為利潤率阻力。
該行將小米去年第四季經調整盈利預測下調25%,以反映第四季智能手機出貨量和較高的營運費用。同時將今明兩年經調整盈利預測下調13%至29%,以反映指引,但考慮到估值基礎滾動後,將目標價由7.8港元提高到8.6港元,重申「跑輸大市」評級。
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