《大行報告》匯豐研究相信小米(01810.HK)各業務充滿增長機遇 評級「買入」
匯豐研究發表報告指小米(01810.HK)去年表現穩健,符預期,邊際利潤改善超預期,第四季經常性盈利按年升36.7%至30.24億元人民幣。其中智能手機均價在上季按年升7%,毛利率按年增10.5%,或2.7個百分點,主因產品組合邁向高端型號及較低推廣開支,互聯網服務毛利率升至新高的68.4%。
該行指,公司去年付運價格高於3,000元人民幣之高端手機達1,000萬部,佔其付運量7%,預期比例今年會繼續錄增長。除了線上銷售加強外,管理層打算令其線下網絡達到全國覆蓋(去年第四季已增加2,000門店),帶動智能電話銷售增加。物聯網(IoT)增長亦勢將加速,而互聯網服務業務正處於轉型。另外,就有關近期芯片短缺問題,該行認為影響可控,因公司已建立可靠的供應鏈管理系統。
該行將公司目標價由28元降至27.8元,以反映今明兩年純利預期下調5%及4%,並假設互聯網服務收入較低。報告指小米各業務增長機遇豐富,評級維持「買入」。
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