招银国际发表研究报告指,预计小米首季收入将按年下降 19% 至 591 亿元,而经调整净利润则按年升 8% 至 30.8 亿,主要是由于智能手机业务的疲弱被更好的毛利率和效率提升所抵销。展望未来,该行认为集团上半年的疲弱已在股价上反映,随着渠道库存改善、毛利率回升和效率提升,盈利增长将按季回升。该行预计集团今年第一至第四季的盈利将分别增长 8%、58%、40% 及 70%。总体而言,该行看好集团在近期宏观逆境中专注于提高盈利能力,认为其盈利下滑的最坏情况可能已经过去,将目标价由 15.41 港元上调至 15.44 港元,维持买入评级。
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