小米集團-W(01810.HK):小米11重磅發佈,強大產品力進一步夯實高端戰略,維持“買入”評級
機構:太平洋證券
評級:買入
事件:
小米舉行發佈會,發佈新一代旗艦手機米11、MIUI12.5和小米路由器AX6000。
點評:
產品方面①SOC提神顯著:小米11全球首發新一代驍龍8885G旗艦平台,以最先進的5nm製程打造,首發X1超大性能核心,升級新一代A78架構,CPU性能提升25%,GPU性能提升35%,AI算力提升超過70%,同時功耗大幅下降,能效提升25%。
②頂級屏幕加持:最新一代E4材質打造,峯值亮度1500nit,Pentile(鑽石)像素排列,融合2K分辨率、120Hz高刷、480Hz觸控等頂級參數,獲得專業顯示評測機構DisplayMate的A+評級,刷新DisplayMate“最高屏幕分辨率”、“最高OLED峯值亮度”、“最高顏色準確度”、“最高對比度”、“最低屏幕反射率”等13項最佳記錄。
③相機方面,小米11搭載一億像素三攝,引入了廣受好評的長焦微距相機;支持視頻超級夜景,並與數字王國首席調色師DavidRiveroMartin合作,帶來8款獨特的電影色彩模板,還有更多基於自研AI算法打造的時間靜止、魔法定格分身等計算拍攝功能。此外,小米11還配備了與哈曼卡頓聯合調校的立體聲雙揚聲器。
回顧小米2020年衝擊高端市場的第一年即大獲成功,作為衝擊高端市場的首個產品序列,小米10系列不負眾望,長期位列各大電商5G旗艦銷量榜前列,被譽為“旗艦機守門員”。不論是銷量還是口碑,小米10系列的三款產品都取得了巨大的成功,助力小米成功站穩高端市場。
而小米11作為驍龍888的首發機型,同時擁有強大產品力和超高性價比,再加上驍龍888的獨佔期,和相比於米10更加充足的備貨情況,我們認為產品大賣基本上已經板上釘釘,而米11的大賣同時也會進一步夯實公司進軍高端市場的戰略,為後續的米11Pro以及米MIX系列打好堅持的基礎。
我們看好公司在IoT領域的先發優勢,“手機XAIoT”戰略的持續發力,以及實施雙品牌戰略之後智能手機業務有望實現份額穩步上升,看好公司未來在手機、IOT和境外互聯網業務的同步發力。我們預計公司2020-2021年NON-GAAP每股收益分別為0.49和0.64元,對應2020-2021年經調整PE分別為56和43倍,,維持“買入”評級。
風險提示:海外疫情影響,新產品不及預期
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