《大行报告》瑞银料美投资禁令对小米(01810.HK)构成利淡 维持「沽售」评级
瑞银发表报告,重申对小米集团(01810.HK)「沽售」投资评级及目标价22元,料公司旗下互联网业务盈利有下行风险、市场对公司旗下智能手机业务期望属过高,但相关业务递增盈利潜在贡献则有限,兼且美国对本国人的投资禁令将於3月21日生效,或对小米构成主要利淡因素。
该行指近日与前小米高级管理层进行专家系列电话会议,探索小米移动生态系统的竞争力并讨论相关风险。有专家认为小米通过现有流量点(即apps)的移动广告强度已接近最大值门槛,渗透率的进一步提高将会危害用户体验;AI和数据分析正在提高广告效率(即效果点击)和覆盖面,但这些都接近峰值。和新的入口点是一个新主意,但不太可能像应用商店和浏览器一样有效地获利。
专家认为Google是小米海外合作夥伴,但也将与小米的获利计划中进行竞争。
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