《大行報告》高盛引述小米(01810.HK)料成世界第三大智能手機商 具強勁渠道推新品
高盛發表的研究報告指,與小米(01810.HK)首席財務官舉行電話會議後,確認了該行對其正面看法,認為其智能手機x AIoT的策略執行成功,配合研發開支充足(據雷軍之前所說,料2021年研發開支將按年增30-40%),產品線強勁。另一方面,公司擴大內地零售銷售網絡,計劃在今年底前擴充線下覆蓋至全國。該行認為小米在本地及國際市場的互聯網服務收入均有上行空間,亦可受惠高端化及智能手機市場份額改善議價能力。該行在審視小米有份投資的348家公司後,對公司投資組合策略更清晰,維持「買入」評級,目標價30.5元。
管理層相信公司經過去年第三、四季升勢後,有望成為全球第三大智能手機生產商,一方面公司採取雙品牌策略,紅米為入門品牌,而小米則為高端化品牌,管理層亦透露去年首九月小米售出800萬台3,000元人民幣以上的手機,當中小米11配置可媲美三星Galaxy,推出以來銷售表現強勁,登記量達1,000萬台,新機在內地銷售表現強勁,而海外亦有理想反應。
公司指出過去兩年在高端化方面的研發投入見效,特別是在無線充電、相機、設備連接性等,2021年公司計劃聘用逾5,000名工程師,並將研發投入按年增30-40%。公司相信2020年首次成功滲透高端市場,今年將推出擁有高科技的高端手機,並考慮推新款高端Mix 4手機,不過就未有透露小米11 Pro的進展。
在供應鏈夥伴方面,管理層相信公司產品組合強勁,加上轉向高端手機,意味有機會向高通採購更多晶片。
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