《大行報告》招銀國際料小米(01810.HK)首季經調整淨利潤按年升8%至30.8億人民幣 微升目標價至15.44元
招銀國際發表研究報告指,預計小米(01810.HK)首季收入將按年下降19%至591億元人民幣,而經調整淨利潤則按年升8%至30.8億人民幣,主要是由於智能手機業務的疲弱被更好的毛利率和效率提升所抵銷。展望未來,該行認為集團上半年的疲弱已在股價上反映,隨著渠道庫存改善、毛利率回升和效率提升,盈利增長將按季回升。
該行預計集團今年第一至第四季的盈利將分別增長8%、58%、40%及70%。總體而言,該行看好集團在近期宏觀逆境中專注於提高盈利能力,認為其盈利下滑的最壞情況可能已經過去,將目標價由15.41元上調至15.44元,維持「買入」評級。
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