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《大行報告》瑞銀料小米-W(01810.HK)次季收入按年跌9%至636億人幣 非國際會計準則淨利潤增98%至41億人幣
瑞銀發表報告指,預計小米-W(01810.HK)第二季收入按年跌9%至636億人民幣(下同),非國際會計準則淨利潤則按年料增98%至41億元。按細分市場,該行料智能手機收入按年跌16.5%,而物聯網和互聯網服務收入則分別升1%及4%,就淨利潤而言,預計618購物節的促銷活動、核心營運開支優化及非營運收益將推動市場預測上行。該行指,剔除約15億元的新業務投資,估計核心淨利潤可能接近55億元。 該行料集團次季智能手機銷量為3,200萬部,按年減少18%,但認為小米的智能手機渠道去庫存已接近完成。該行估計,潛在的智能手機成品庫存將從今年第一季末的約1,900萬部下降至第二季末的約1,500萬部,預計智能手機平均售價將按年小幅增長,又料毛利率約12%。該行又預計中國消費刺激計劃將在下半年有更明確方向。 該行表示,在中國智能手機行業中,維持集團為首選,受惠智能手機置換加快,目標價16港元,評級「買入」。
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