《大行报告》中信证券:小米(01810.HK)手机高端化可提升盈利能力及估值空间
中信证券发表报告表示,就小米集团(01810.HK)昨日发布小米11智能手机(3个版本每部售价各3,999元人民币(8G+128G)、4,299元人民币(8G+256G)及4,699元人民币(12G+256G),将在明年1月1日发售,该行认为小米11在全球首发高通骁龙888,在性能、快充、屏、影和系统等关键领域全方位提升,综合竞争力较强,而且在小米10系列的成功突破基础上,市场信心和公司备货都更充足,有望在高端化方面取得更大突破。
该行料小米11将可提升小米的品牌形象和溢价能力,帮助公司获取互联网APRU值显着更高的用户,提升公司的盈利能力和估值空间,维持对小米「买入」评级。
中信证券指,小米高端产品的价格站稳和市场份额提升,提升了公司品牌形象,提高公司全部产品组合的定价能力,公司去年硬件合净利率为正但低於1%,指硬牛的净利润提升弹性较大。同时,高端手机突将沉淀更多高端用户。目前小米基於内地手机用户的游戏和广告ARPU约120至130元人民币,其用户主要是使用中低端手机的用户,高端用户的快速增长,将推动公司的互联网整体ARPU提升,推动其互联网收入和盈利增长,可进一步提升小米的盈利水平和估值空间。
该行指,维持对小米於2020年至2022年非国际财务报告准则下纯利预测各123.21亿、160.39亿及222.48亿人民币。
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