瑞信:上調小米(1810.HK)目標價至11.3港元 評級“中性”
瑞信發表研究報告指,市場調查機構Canalys估計小米(1810.HK)
2019年手機出貨量按年增長4%至1.26億部;第四季受印度等海外市場帶動,則增長23%至3,300萬部,因此亦將小米2019及2020年手機出貨量預測由1.18億及1.28億上調至1.23億及1.43億部。
惟該行未有上調小米在中國市場手機出貨量的預測,維持在3,900萬及4,100萬部,主要由於5G市場競爭激烈以及武漢新型肺炎疫情對今年首季需求將造成影響。受國際市場出貨量增加帶動,瑞信將小米2019-2021年智能手機毛利率預測提升至7.4%/6.2%/6.5%,但有部分被今年首季生產計劃受疫情影響而中斷所抵消。
瑞信指,考慮到智能手機出貨量及毛利率均有所提高,故將集團2019-2021年每股盈利預測上調5%/5%/11%,並將繼續關注中國智能手機市場的競爭及集團的廣告業務復甦情況,目標價由10.8港元上調至11.3港元,維持“
中性
”評級。
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