《大行報告》摩通升小米(01810.HK)評級至「增持」 目標價上調至21元
摩通發表的研究報告,將小米(01810.HK)評級由「中性」升至「增持」,目標價由12元大幅上調至21元,主要因為華為進一步被美國限制,估計將帶動公司在內地智能手機市場份額,過往公司在國際市場包括是歐洲、東南亞及印度均有好表現,但在內地市佔僅10%左右,隨著華為業務受威脅,相信小米在內地的市佔會有強勁增長,同時亦能在2021年之後重燃互聯網收入的增長,長遠而言該行相信小米在歐洲可有更多互聯網變現機遇,因為當地用戶ARPU較高,而市場份額亦有健康增長,將公司2021年經調整每股盈利預測升11%以反映智能手機出貨量強勁及互聯網變現的利好因素。
該行指出,小米過去三年在內地智能手機市場的份額停滯不前,而華為的市佔率則由25%升至45%,隨著華為受制於美國禁令,估計其智能手機業務將存在風險,故料小米自2021年將開始在內地搶佔份額,而平均銷售單價亦會穩定上升,估計未來兩年公司市佔率或可達18-20%。
摩通認為公司在海外擴張持續,在歐洲及東南亞市場份額有健康增長,而印度業務則料會維持穩定,但受監管方面的挑戰影響,或較難有變現的機遇。但該行相信公司在歐洲市場份額強勁增長,有助帶動平均銷售單價表現,而長遠互聯網變現亦較理想。(el/u) ~
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