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《大行報告》瑞銀料美投資禁令對小米(01810.HK)構成利淡 維持「沽售」評級
阿思達克 02-04 10:56
瑞銀發表報告,重申對小米集團(01810.HK)「沽售」投資評級及目標價22元,料公司旗下互聯網業務盈利有下行風險、市場對公司旗下智能手機業務期望屬過高,但相關業務遞增盈利潛在貢獻則有限,兼且美國對本國人的投資禁令將於3月21日生效,或對小米構成主要利淡因素。

該行指近日與前小米高級管理層進行專家系列電話會議,探索小米移動生態系統的競爭力並討論相關風險。有專家認為小米通過現有流量點(即apps)的移動廣告強度已接近最大值門檻,滲透率的進一步提高將會危害用戶體驗;AI和數據分析正在提高廣告效率(即效果點擊)和覆蓋面,但這些都接近峰值。和新的入口點是一個新主意,但不太可能像應用商店和瀏覽器一樣有效地獲利。

專家認為Google是小米海外合作夥伴,但也將與小米的獲利計劃中進行競爭。

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