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《大行報告》中信証券:小米(01810.HK)手機高端化可提升盈利能力及估值空間
阿思達克 12-29 15:36
中信証券發表報告表示,就小米集團(01810.HK)昨日發布小米11智能手機(3個版本每部售價各3,999元人民幣(8G+128G)、4,299元人民幣(8G+256G)及4,699元人民幣(12G+256G),將在明年1月1日發售,該行認為小米11在全球首發高通驍龍888,在性能、快充、屏、影和系統等關鍵領域全方位提升,綜合競爭力較強,而且在小米10系列的成功突破基礎上,市場信心和公司備貨都更充足,有望在高端化方面取得更大突破。

該行料小米11將可提升小米的品牌形象和溢價能力,幫助公司獲取互聯網APRU值顯著更高的用戶,提升公司的盈利能力和估值空間,維持對小米「買入」評級。

中信証券指,小米高端產品的價格站穩和市場份額提升,提升了公司品牌形象,提高公司全部產品組合的定價能力,公司去年硬件合淨利率為正但低於1%,指硬牛的淨利潤提升彈性較大。同時,高端手機突將沉澱更多高端用戶。目前小米基於內地手機用戶的遊戲和廣告ARPU約120至130元人民幣,其用戶主要是使用中低端手機的用戶,高端用戶的快速增長,將推動公司的互聯網整體ARPU提升,推動其互聯網收入和盈利增長,可進一步提升小米的盈利水平和估值空間。

該行指,維持對小米於2020年至2022年非國際財務報告準則下純利預測各123.21億、160.39億及222.48億人民幣。

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