《大行報告》麥格理升小米(01810.HK)評級至「跑贏大市」 目標價上調至30.9元
麥格理發表研究報告,指留意到小米(01810.HK)智能手機及互聯網服務毛利率改善;並料小米今年收入增43%,受惠更寬廣本地線下覆蓋,智能手機海外市佔擴張及IoT板塊復甦。報告大致維持小米今明兩年收入預測,上調今明兩年毛利率預測各1個百分點,源於產品組合改善提振毛利率。該行上調小米今明兩年盈測各11%及22%,投資評級一舉由「跑輸大市」升至「跑贏大市」,目標價由21.3元升至30.9元。
報告稱,小米去年末季收入遜市場預期7%,主因智能手機銷量及銷售生價下降,遜市場預期8%;以及IoT增長放緩,收入遜市場預期9%,受惠白色家電押後推出。互聯網服務收入按年升8.4%,增幅落後整體硬件板塊。
不過,報告表示,小米末季毛利率勝預期,較市場預期高出2個百分點。智能手機毛利率按年升3個百分點,主因智能手機銷售組合改善,及在元件缺乏下減少市場推廣;IoT板塊毛利率按年升3個百分點,主因產品組合改善;互聯網服務毛利率按年升4.8個百分點,廣告收入佔比擴大及金融科技毛利率反彈。毛利因此高於市場預期10%。
麥格理料小米智能手機全球市佔將由去年的11.4%擴大至14.3%,並料智能手機毛利率今年輕微收窄,公司恢復推廣以擴大市佔。隨著產品高端化,料毛利率未來將擴大。另互聯網服務方面,麥格理稱,去年末季及今年首季,小米內地月度活躍月戶增長符該行預期;該行料小米今年總每月活躍用戶按年增26%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.