《大行报告》摩通升小米(01810.HK)评级至「增持」 目标价上调至21元
摩通发表的研究报告,将小米(01810.HK)评级由「中性」升至「增持」,目标价由12元大幅上调至21元,主要因为华为进一步被美国限制,估计将带动公司在内地智能手机市场份额,过往公司在国际市场包括是欧洲、东南亚及印度均有好表现,但在内地市占仅10%左右,随着华为业务受威胁,相信小米在内地的市占会有强劲增长,同时亦能在2021年之後重燃互联网收入的增长,长远而言该行相信小米在欧洲可有更多互联网变现机遇,因为当地用户ARPU较高,而市场份额亦有健康增长,将公司2021年经调整每股盈利预测升11%以反映智能手机出货量强劲及互联网变现的利好因素。
该行指出,小米过去三年在内地智能手机市场的份额停滞不前,而华为的市占率则由25%升至45%,随着华为受制於美国禁令,估计其智能手机业务将存在风险,故料小米自2021年将开始在内地抢占份额,而平均销售单价亦会稳定上升,估计未来两年公司市占率或可达18-20%。
摩通认为公司在海外扩张持续,在欧洲及东南亚市场份额有健康增长,而印度业务则料会维持稳定,但受监管方面的挑战影响,或较难有变现的机遇。但该行相信公司在欧洲市场份额强劲增长,有助带动平均销售单价表现,而长远互联网变现亦较理想。(el/u) ~
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