《大行报告》高盛引述小米(01810.HK)料成世界第三大智能手机商 具强劲渠道推新品
高盛发表的研究报告指,与小米(01810.HK)首席财务官举行电话会议後,确认了该行对其正面看法,认为其智能手机x AIoT的策略执行成功,配合研发开支充足(据雷军之前所说,料2021年研发开支将按年增30-40%),产品线强劲。另一方面,公司扩大内地零售销售网络,计划在今年底前扩充线下覆盖至全国。该行认为小米在本地及国际市场的互联网服务收入均有上行空间,亦可受惠高端化及智能手机市场份额改善议价能力。该行在审视小米有份投资的348家公司後,对公司投资组合策略更清晰,维持「买入」评级,目标价30.5元。
管理层相信公司经过去年第三、四季升势後,有望成为全球第三大智能手机生产商,一方面公司采取双品牌策略,红米为入门品牌,而小米则为高端化品牌,管理层亦透露去年首九月小米售出800万台3,000元人民币以上的手机,当中小米11配置可媲美三星Galaxy,推出以来销售表现强劲,登记量达1,000万台,新机在内地销售表现强劲,而海外亦有理想反应。
公司指出过去两年在高端化方面的研发投入见效,特别是在无线充电、相机、设备连接性等,2021年公司计划聘用逾5,000名工程师,并将研发投入按年增30-40%。公司相信2020年首次成功渗透高端市场,今年将推出拥有高科技的高端手机,并考虑推新款高端Mix 4手机,不过就未有透露小米11 Pro的进展。
在供应链夥伴方面,管理层相信公司产品组合强劲,加上转向高端手机,意味有机会向高通采购更多晶片。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.