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小米集團-W(1810.HK):小米10系列旗艦發佈,正式衝擊高端手機市場,維持“買入”評級
格隆匯 02-17 12:34

機構:西南證券

評級:買入

投資要點

 事件:2 月 13 日,小米舉辦了 2020 年第一場純線上旗艦手機發佈會,正式發 布年度旗艦小米 10 系列,售價 3999 元起,標誌着小米正式衝擊高端手機市場。

 打造極致性能和體驗,全力衝擊高端手機市場:作為與 Redmi 品牌分拆後,小 米品牌發佈的第一款高端旗艦機型,小米 10 系列在產品技術與性能都做到了極 致追求。1)首發 5G 旗艦處理器驍龍 865,全系標配 LPDDR 5+UFS 3.0+WiFi 6。驍龍 865 採用最新的 arm A77 架構,CPU 性能提升 25%,GPU 和 AI 性能 也大幅提升;配置 LPDDR5 新時代內存標準,最高支持 5500Mbps 傳輸速率, 同時匹配目前業界最快的 UFS 3.0 閃存和最新的無線通訊網絡標準 WiFi 6。2) 1 億像素+對稱式立體聲,DXOMARK 雙第一。小米 10 系列搭載 1 億像素四攝, 率先支持 8K 超高清視頻錄製,全系標配對稱式雙立體揚聲器,小米 10 Pro 包 攬 DXOMARK 專業測評拍照和視頻雙第一。3)高端 AMOLED 柔性曲面屏, 三重快充技術+立體式散熱系統。小米 10 系列搭載了柔性 AMOLED 超小孔曲 面屏,同時採用超大面積 VC 液冷板和 9 個温度傳感器改進散熱系統。

 輕裝上陣備戰 5G,加碼研發大有可為:2019 年智能手機處於從 4G 向 5G 切換 的過渡時期,且國內市場競爭日趨激烈,因此公司在 19 年保持穩健經營策略, 保證了公司健康的現金流及合理庫存水平,蓄力備戰 5G 時代。2020 年作為 5G 手機商用元年,公司戰略清晰,分品牌(小米+Redmi)、全產品線部署了超過 10 款 5G 手機;小米 10 系列作為小米品牌分拆後衝擊高端市場的第一款機型, 研發投入超過 10 億元, 2020 年小米將繼續投入約 100 億到 5G 手機和 AIoT 的 研發中去。目前小米國內手機市場份額基本見底,我們認為在清晰的戰略和大 力的研發投入下,小米手機在 2020 年 5G 時代將大有可為。

 AIoT 保持先發優勢,盡享行業增長紅利:本次發佈會除了發佈小米 10 系列旗 艦手機,還發布了首款 WiFi 6 路由器、GaN 充電器 65W 和無線充藍牙音箱等 產品,繼續保持在 AIoT 領域的先發優勢,有望充分受益 5G 時代 AIoT 高增長。

 盈利預測與評級:預計公司 2019-2021 年 EPS 分別為 0.50 元、0.67 元、0.86 元,對應當前股價動態 PE 分別為 24 倍、18 倍、14 倍,維持“買入”評級。

 風險提示:硬件銷量或不及預期的風險;互聯網服務變現或不及預期的風險; 海外業務經營風險;匯率波動風險。 

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