《大行報告》美銀證券下調小米-W(01810.HK)目標價至13.8元 憂新能源車成潛在負擔
美銀證券發表研究報告,將小米-W(01810.HK)今明兩年每股經調整盈利由0.61元人民幣,下調至0.54及0.59元人民幣,當中尚未計及額外的電動汽車業務營運開支,預期相關銷售額、產品毛利率及經營支出的變動將取決於其最終定價。
美銀將小米去年第四季實際經營溢利預測下調17%至27億元人民幣,以反映年末促銷活動導致的經營費用增加;銷售額料達到720億元人民幣,按年增長10%;經調整盈利預測則上調26%至40億元人民幣,按年增長177%。
該行重申對小米的「中性」評級,認為現價水平的風險回報平衡,目標價降至13.8元,對應2024年預測市盈率約23倍。美銀預計小米將在4月北京車展舉行前公布其首款電動汽車SU7的售價,為建立自有分銷渠道,相信集團今年起營銷開支將增加。
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