汇丰研究重申小米(1810.HK)评级“买入”在印度市占率居首位
汇丰环球研究发表报告指,根据IDC数据,小米(01810.HK)在今年第二季的环球智能手机付运量按年下跌0.2%至3,230万件,对比环球市场平均为按年下跌2.3%。而根据Canalys数据,集团第二季在中国的付运量按年下跌20%至1,150万件,市场占有率为11.8%,对比行业则录得6%跌幅,主要是受到华为竞争影响。在印度市占率31%,继续排首位。

该行估计,小米下半年在中国市场的付运量仍具挑战,而高通最近将其今年全球手机出货量预测下调至1亿部,主要是因中国OEM客户将优先事项转移到明年初发布5G手机,目前正处理现有4G手机库存,及于今年下半年不再发布4G手机。
业绩方面,小米将於8月底公布今年第二季业绩,汇丰研究预期集团次季的非通用会计准则纯利将按年增长31%,与市场预期一致。收入料按年增长13%至512亿元人民币,而智能手机业务的毛利率则料可由首季的3.3%反弹。
该行重申对小米的“买入”评级,目标价由13.8港元下调至12.9港元,另外,今年至2021年的纯利预测亦分别下调3%、6%及6%,以反映智能手机及物联网业务的收入假设较低。
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