《大行報告》摩通料小米(01810.HK)未來數季增長強勁 重申「增持」評級
摩根大通發表研究報告,指出與小米集團(01810.HK)管理層傾談後,發現公司對其在內地智能手機上的發展進度保持樂觀,將繼續執行其雙品牌策略,同時還會將線下渠道擴展至四至七線城市。另外,消費者對於小米的高端5G型號接受程度似乎強於預期,公司預計在內地5G智能手機市佔率會在下半年上升。
該行又指,小米海外市場佔有率持續強勁,下一輪的增長或來自電訊營運商渠道。在經歷受疫情影響的打擊後,公司的物聯網收入增長理應會在下半年重新加快,這是受惠於消費者購買力提高、中國線下商店重新開業及海外市場持續擴張所致。
隨著電視廣告及訂閱業務的良好牽引力,中國智能手機廣告業務的反彈,以及互聯網金融業務穩定等情況,公司的互聯網服務收入將變得更多元化。整體而言,相信小米的前景在未來數季更為正面,隨著在中國的市佔率上升,料未來數季將實現強勁增長,維持「增持」投資評級,目標價23元。
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