《大行報告》野村上調小米(01810.HK)目標價至18元 評級「買入」
野村發表報告,指出小米集團(01810.HK)即使面對印度市場的挑戰及不確定因素,但次季表現仍很大程度符合市場預期,基於其在疫情下市場份額增長及風險管理,維持「買入」評級。
報告指,由於印度實施嚴格封鎖措施,次季一半時間需求停滯,小米印度市場的智能手機出貨或錄明顯跌幅,但部分被其他海外市場和中國出貨量平穩增長所抵消,考慮到小米在印度以外的海外市場份額持續增長,因此預計第二季度小米手機銷售額未會受到太大影響。期內電視出貨量料將按季上升,物聯網業務整體勢頭仍然相對緩慢,互聯網業務料表現穩定。
該行表示,5月份時建議投資者買入小米,以對沖上游半導體行業調整及技術戰帶來的風險,目前觀點未變,並將小米的目標價由15元上調至18元,但預期由於今年整體智能手機市場趨向中低端產品,加上由於供應鏈曾中斷,印度市場成本有所上漲,因此估計下半年手機業務毛利率可能會略低於上半年。
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