《大行報告》瑞銀上調小米(01810.HK)目標價至15元 首季業績穩健
瑞銀發表的研究報告指,小米集團(01810.HK)的收入及盈利表現均勝該行及市場預期,期內各業務板塊的收入增長均強勁,而互聯網服務及智能手機業務收入分別按年增38%及12%,值得留意的是受惠5G及高端化,智能手機平均銷售單價上升,而海外業務現時佔業務的一半。惟該行估計次季公司業務將較慢,而每股盈利則會在次季見底,主要因為印度及歐洲市場均因疫情而受壓,但估計下半年公司會有強勁復甦,料收入將按年增12%。
該行估計受惠5G產品勢頭,小米於內地的市場份額應開始增加。該行的調查顯示內地手機更換比例維持穩定,未來一年換機的用戶選擇小米的情況亦有提升。而在海外市場方面,該行認為公司市場份額提升步伐快過預期,海外的MIUI月活躍用戶接近是內地的一倍,IoT採納程度亦有所提升。雖然現時海外互聯網服務的ARPU未算顯著,但該行估計到2021年隨著月活躍用戶規模提升將有較大拉動,另外該行亦認為公司在內地繼續穩健地變現B2B IoT及互聯網服務。
該行將公司2020及21年每股盈利預測分別升5.6%及8.1%,而智能手機出貨量則分別降8%及升13%至1.16億台及1.3億台,同時亦提升了平均銷售單價預測,以反映產品組合轉向高端規格的影響,目標價由13.8元升至15元,評級「買入」。(el/k) ~
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