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《大行報告》中銀國際微升小米(01810.HK)目標價至16.4元 評級「買入」
阿思達克 08-30 11:43
中銀國際發表報告指,小米(1810.HK)第二季收入670億元人民幣,較該行預期高2%、亦較市場預期高3%,主要受IoT業務的強勁表現推動,由於控制經營開支有成效,經營利潤率5.9%,亦好過市場預期,公司在市場下行的情況下,顯示具有盈利能力,相信市場會繼續上調對公司的預測。 第二季智能手機出貨量下跌,該業務收入按年跌13%,但平均售價按年升3%,毛利率亦升4.7個百分點至13%的新高,主要受惠高價手機佔比提升,存貨減值回撥及零部件成本下跌。管理層指,自家店舖、分銷渠道、本地及海外的庫存均健康,相信下半年出貨改善。 該行相信華為推出5G手機對小米的影響屬可控,維持「買入」評級,目標價由16.3元上調至16.4元,反映明年預測市盈率29倍。
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