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《大行報告》星展:小米(01810.HK)估值處歷史低籲買入 料手機收入明年彈20%
阿思達克 05-11 11:17
星展發表報告重申對小米集團(01810.HK)「買入」投資評級,目標價13.3元,相當預測明年市盈率22倍(為歷史均值),料新冠疫情令智能手機需求下滑,預計公司今年核心純利會下滑7%至107.55億人民幣,但明年核心純利可強勁反彈28%至137.42億人民幣。

該行指,小米集團目前估值相當預測明年市盈率16倍,處歷史低位,相信小米旗下智能設備對客戶屬良好介入點,市場亦認可集團線上廣告貨幣化潛力,其MIUI用戶平台活躍用戶達3.1億,估計2019年至2021年其線上廣告收入每年增長加速至21%。

星展表示,市場擔心全球智能手機市場需求放緩(料全球付運將跌11%),但相信小米可取得原屬華為的市場份額,料小米市場份額可由2019年9%,提升至2021年10%,料小米今明兩年旗下智能手機收入各升2%及20%,主要受惠5G升級周期趨勢。

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