野村维持小米(1810.HK)“买入”评级目标价12港元
野村发表研究报告指,小米(1810.HK)第二季手机业务的毛利率及出货量胜预期,但互联网业务的增长缓慢。该行又指,由于宏观经济疲弱,加上小米手机在中国的出货量缓慢,手机广告的销售面临更大压力。该行维持小米“买入”投资评级,目标价12港元。
野村表示,虽然美国对华为实施禁制令会使小米受惠于国外市场,但华为会更专注在中国市场发展,该行料小米全年手机出货量持平在1.1亿至1.2亿部。另外,该行认为美元强劲亦有机会影响其毛利率。
另外,小米削减全年互联网销售增长,由按年增长30%减至15%-20%。不过,小米物联网(IoT)的增长持续。
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