《大行報告》麥格理升小米(01810.HK)目標價至27.74元 收入恢復增長
麥格理髮表報告指出,小米(01810.HK)上季智能手機毛利率按季微跌至16.4%,仍接近去年第三季16.6%的歷史高位。公司廣告收入增長18.4%,主要由於月活躍用戶(MAU)按年增長一成;高端智能手機用戶結構不斷增加;中國客戶廣告預算改善。然而,受累於需求疲弱,公司的電視和手提電腦收入按年跌21.4%。小米整體毛利率低過該行預期0.3個百分點。
該行預期,小米受惠於將人工智能(AI)手機與高端化結合,以及增加市場份額,相信公司今年將領航智能手機市場。而公司物聯網(IoT)銷售或隨新產品戰略而恢復增長,另由於產業復甦,估計公司廣告收入增長勢頭持續。
此外,該行維持對小米「跑贏大市」評級,認爲公司收入恢復增長,其核心業務前景正在改善,目標價由27.18元微升至27.74元。另對其收入預測大致不變,惟今明兩年非國際財務報告準則(non-IFRS)經調整淨利潤預測均上調2%。
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