《大行報告》匯豐研究下調小米(01810.HK)目標價至11.2元 評級「持有」
匯豐研究發表報告指,小米(01810.HK)首季毛利率改善被收入下降所抵銷,期內經常性淨利潤為32億元人民幣,按年增長13%,符合預期。如果剔除其新業務的11億元人民幣研發費用,則首季經常性淨利潤按年增長33%至43億元人民幣。該行認為,這是由於智能手機毛利率按年增長1.4個百分點,惟被智能手機出貨量下降和物聯網銷售弱於預期導致的總銷售額按年下降19%所部分抵銷。期內,集團的庫存按年下降24%至426億元人民幣,料去庫存或會持續到今年第二季末。
報告又指,今年首季小米智能手機出貨量為3,040萬部,按年下降21%。該行預計,下半年的終端市場復甦將弱於預期,管理層指引中國智能手機市場在今年將按年下降中單位數至約2.65億至2.7億部。該行將集團今年的智能手機出貨量預測下調4%至約1.4億部,明年預測亦下調4%至1.51億部。
該行將集團目標價由13.9元下調至11.2元,維持「持有」評級,認為汽車業務的重大投資和淨虧損可能會在短期內對集團的總利潤構成壓力。
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