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招商證券國際:首予小米(1810.HK)“買入”評級 目標價11港元
格隆匯 10-16 16:38

招商證券國際發佈報告稱,小米(01810.HK)是智能手機/消費者IoT產品的領先品牌,在中國和印度市場具有強大市場地位。小米智能手機出貨量已位居全球第四,印度第一。憑藉其物聯網IoT產品,小米的全球MAU(月均活躍用户)規模接近3億,並且尚未完全變現。預計小米的ARPU(每用户平均收入)將從2019年的人民幣62元增長至2020和2021年的66元和73元,得益於互聯網金融/增值服務以及海外用户的變現。估計ARPU每增加10%,將帶動公司盈利增長5%(目標價上升0.5-0.6港元)。

該行認為,小米近期的智能手機停滯(19年前9月同比持平)已充分反映於其股價中。得益於5G帶動的手機更新週期和較低的可比基數,預計2020和2021年小米智能手機將重拾10%和8%的增長。認為運營商不會對5G手機提供補貼,並預計小米將以高度性價比產品在5G更新週期中贏得更大的市場份額。智能手機銷售的增長恢復將會再次拓展小米的互聯網服務機會,帶來盈利上升和估值上升。

該行表示,首予“買入”評級,目標價11港元。

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