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小米集團-W(01810.HK)重大事件快評:Q3智能手機出貨量下降,預計全年出貨1.2億部,維持“增持”評級
格隆匯 11-15 15:30

機構:國信證券

評級:增持

事項:

IDC發佈智能手機出貨量數據:2019年第三季度全球智能手機共出貨3.583億台,同比增長0.8%。其中,三星出貨7820萬台的,同比增長8.3%。華為(包含榮耀)出貨量6660萬台增長28.2%,小米集團出貨量3270萬部,同比下降4.7%。

國信觀點:

1.根據小米集團2019年經營策略的調整,以及新品發佈情況看,預計全年智能手機出貨量與去年持平,或微增至1.2億部。主要原因時海外銷量在提升,國內銷量下降。

2.明年進入5G手機更新換代週期,小米手機業務和IOT業務有望實現較高增長。3.單季度看,由於Q3手機出貨量下降,我們預計小米集團2019Q3收入530億人民幣左右,同比增速放緩至5%左右。我們下調公司全年盈利預測,維持“增持”評級。

評論:

2019前三季度小米集團智能手機全球出貨量維持穩定

根據IDC公佈數據,小米集團2019Q3手機出貨量3270萬部,同比下降4.7%。全球市場三季度智能手機出貨量3.58億部,同比增長0.8%,其中華為手機增長28.1%。小米集團2019年前三季度全球智能手機出貨量9250萬部,同比較少1.4%。小米集團2018年智能手機出貨量1.19億部,我們預計全年出貨量維持在1.2億部左右。

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