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《大行報告》瑞信上調小米(01810.HK)目標價至22.1元 評級「跑贏大市」
阿思達克 08-27 10:39
瑞信發表的研究報告指,小米集團(01810.HK)次季業績勝預期,主要受惠投資及公允值變動收益增加,該行將公司2020年經調整每股盈利預測降3%,以反映硬件銷售預測下降,但相關因素部分被互聯網服務增長所抵銷,2021至2022年經調整每股盈測則分別升3%及4%,以反映智能手機及IoT銷售增長。

該行指出次季公司銷售表現符預期,但經調整溢利則遠勝預期,主要受惠毛利率擴張及非經營收入,期內智能手機出貨量2,830萬台符預期,IoT銷售按年升2%表現遜預期,而互聯網業務按年增長29%則勝預期,而期內毛利率14.4%亦高於該行預測的13.6%,惟次季經營開支較該行預測高3%。

下半年公司將推更多5G手機及入門手機以提升市場份額,而IoT方面受疫情影響該行將採更審慎態度,但認為小米智能裝置用戶基礎將有助多元化變現,料將繼續帶動互聯網業務的增長。

該行認為小米是華為禁令的其中一個主要受益者,將公司目標價由15.3元升至22.1元,評級「跑贏大市」,以反映公司智能手機市場份額提升及互聯網服務表現健康等。

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