《大行報告》大摩:小米(01810.HK)對今年三大業務有信心 惟互聯網服務存挑戰
摩根士丹利發表研報指,小米(01810.HK)管理層透露今年對三大業務領域保持樂觀,並有信心憑藉積極的線下擴張策略提升市場份額,其中互聯網服務可受惠於集團月活躍用戶(MAU)人數增長及高端手機用戶的每用戶平均收入(ARPU)較高,惟遊戲收入今年或遇阻力。
報告指,小米今年積極擴展其線下分銷渠道,預期通過改善產品組合及分銷渠道,智能手機業務可於國內外取得更多市場份額,估計為鞏固市場地位,高端手機產品定價將上更加進取,毛利率料保持在相對穩定的高個位數水平;物聯網業務亦有望在今年恢復增長。
大摩指,智能手機市場份額的強勁增長可能會轉化為MAU的增長,小米持續滲透到高端市場,亦可帶動ARPU上升,惟大型遊戲發行商在第二季度重新協商幾款新遊戲的收入分成,影響到小米第三季度的遊戲收入表現,預期互聯網服務整體仍面對挑戰,對小米予「與大市同步」評級,目標價24元。
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