《大行报告》汇丰研究相信小米(01810.HK)各业务充满增长机遇 评级「买入」
汇丰研究发表报告指小米(01810.HK)去年表现稳健,符预期,边际利润改善超预期,第四季经常性盈利按年升36.7%至30.24亿元人民币。其中智能手机均价在上季按年升7%,毛利率按年增10.5%,或2.7个百分点,主因产品组合迈向高端型号及较低推广开支,互联网服务毛利率升至新高的68.4%。
该行指,公司去年付运价格高於3,000元人民币之高端手机达1,000万部,占其付运量7%,预期比例今年会继续录增长。除了线上销售加强外,管理层打算令其线下网络达到全国覆盖(去年第四季已增加2,000门店),带动智能电话销售增加。物联网(IoT)增长亦势将加速,而互联网服务业务正处於转型。另外,就有关近期芯片短缺问题,该行认为影响可控,因公司已建立可靠的供应链管理系统。
该行将公司目标价由28元降至27.8元,以反映今明两年纯利预期下调5%及4%,并假设互联网服务收入较低。报告指小米各业务增长机遇丰富,评级维持「买入」。
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