《大行报告》大摩:小米(01810.HK)对今年三大业务有信心 惟互联网服务存挑战
摩根士丹利发表研报指,小米(01810.HK)管理层透露今年对三大业务领域保持乐观,并有信心凭藉积极的线下扩张策略提升市场份额,其中互联网服务可受惠於集团月活跃用户(MAU)人数增长及高端手机用户的每用户平均收入(ARPU)较高,惟游戏收入今年或遇阻力。
报告指,小米今年积极扩展其线下分销渠道,预期通过改善产品组合及分销渠道,智能手机业务可於国内外取得更多市场份额,估计为巩固市场地位,高端手机产品定价将上更加进取,毛利率料保持在相对稳定的高个位数水平;物联网业务亦有望在今年恢复增长。
大摩指,智能手机市场份额的强劲增长可能会转化为MAU的增长,小米持续渗透到高端市场,亦可带动ARPU上升,惟大型游戏发行商在第二季度重新协商几款新游戏的收入分成,影响到小米第三季度的游戏收入表现,预期互联网服务整体仍面对挑战,对小米予「与大市同步」评级,目标价24元。
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