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《大行報告》麥格理首予小米(01810.HK)「跑贏大市」評級 目標價12.9元
阿思達克 03-30 13:55
麥格理發表報告首予小米(01810.HK)「跑贏大市」評級,目標價12.9元,相等該股2021年預測市盈率23.6倍。

該行預測小米2020至2022年收入複合年均增長率為20%,但經調整純利複合年均增長率僅為7%,受研發成本上升以爭取智能手機更大市佔所影響。

該行認為,小米因應5G推出,去年縮減4G手機推出以減低庫存風險,及在今年主動地推出不同價位的5G手機以爭取市佔,同時擴大在發展中亞地區擴張及佔取華為於歐洲所失去的市佔,預計小米今年全球市佔升1個百分點至9.1%,銷量為1.25億部。

該行亦預期主要物聯網家居產品部分的收入,於2020至2022年複合年均長率為23%。小米亦於非中國智能手機互聯網服務收入取得增長,包括電視、境外互聯網服務、小米有品及金融科技等。

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