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《大行》瑞銀降小米(01810.HK)目標價至60元 重申「中性」評級
阿思達克 08-11 11:35
瑞銀髮表研究報告指,據統計,小米-W(01810.HK)次季的智能手機銷量爲4,100萬部,按年增0.5%,按季升1.5%。當中,中國市場在補貼及618購物節的帶動下,銷量按年增長8%。受惠於新興市場及中國中高階市場佔有率提升,預期小米全年總銷量達1.75億部。由於中國618促銷活動令均價下跌,加上新興市場貢獻佔比擴張抵銷了持續高端化的貢獻,預期第二季智能手機毛利率將按季大致持平於11.6%。 該行預期,小米AIoT業務在次季將保持快速增長,預測次季及全年的AIoT銷售額分別爲366億及1,406億元人民幣,按年增長37%和35%。 該行將集團次季及全年盈測分別下調10.4%和5.5%,目標價由62元降至60元,續予「中性」評級。
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