《大行報告》摩通上調小米(01810.HK)目標價至13.5元 評級「中性」
摩根大通發表研究報告指出,小米(01810.HK)次季業績勝預期,毛利率達21%,主要受惠於更好的產品組合以及積極的成本控制。核心營運開支仍處於控制之中,按年跌11%。展望未來,該行相信智能手機需求將持續低迷,主要由於消費者支出疲弱及更換手機周期延長。
該行估計小米下半年毛利率為19%,較上半年的20%有所下降,主要由於更為積極的智能手機戰略和標準化AIoT產品組合。此外,該行憂慮下半年華為加入智能手機市場的競爭,或為小米在內地市場的高端化戰略帶來壓力,料小米全年智能手機出貨量為1.42億部,按年跌7%。
該行預期,在鑑於終端需求疲軟和缺乏收入催化下,小米股價將保持區間波動,但料電動車或成為小米中期股價的催化劑,惟內地目前電動車市場過度競爭下,投資者可能會保持觀望,直至小米電動車業務更加清晰(如產品性能、收入貢獻、盈利軌跡、出貨量/市場份額目標等)。該行維持對小米「中性」評級,目標價由13元上調至13.5元。
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