招銀國際:小米(01810.HK)5G產品趨勢強勁 料可抵銷印度市場負面影響
招銀國際發表報告表示,基於小米集團(01810.HK)具強勁的5G產品組合,兼且今年下半年潛在可從同業華為中取得市場份額,對小米前景仍然感到正面,指在「618電商節」(即6月1日至18日)總體銷售逾100億人民幣,按年升54%,其中旗下紅米K30 Pro、小米Mi 10及紅米 K30為京東6月18日當日最佳銷售5G手機首三位,而第四至九位均屬華為手機。
該行認為,小米短期會受到新冠疫情及中印邊境衝突事件所影響,但相信小米在中國5G市場具良好佈局,料今年下半年產品需求可望復甦,重申對其「買入」投資評級,但略下調對其目標價由16.3元降至15.7元,相當預測2021年市盈率20倍,料未來催化劑包括公司推5G產品、行業復甦及潛在獲入恆指成份股。
招銀國際表示,印度截至6月22日新冠確診人數升至42.5萬人,成為全球第四最高確診國家,料印度第二季及第三季智能手機市場會面臨挑戰,基於公司屬印度最大智能手機品牌(今年首季市佔率30%),料公司難以避免會受到影響。該行決定下調對小米今明兩年每股盈利預測各11%及4%,以反映印度次季市場影響因素,但上調對公司2022年每股盈利預測2%。
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