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《大行报告》麦格理升小米(01810.HK)评级至「跑赢大市」 目标价上调至30.9元
阿思达克 03-26 15:53
麦格理发表研究报告,指留意到小米(01810.HK)智能手机及互联网服务毛利率改善;并料小米今年收入增43%,受惠更宽广本地线下覆盖,智能手机海外市占扩张及IoT板块复苏。报告大致维持小米今明两年收入预测,上调今明两年毛利率预测各1个百分点,源於产品组合改善提振毛利率。该行上调小米今明两年盈测各11%及22%,投资评级一举由「跑输大市」升至「跑赢大市」,目标价由21.3元升至30.9元。

报告称,小米去年末季收入逊市场预期7%,主因智能手机销量及销售生价下降,逊市场预期8%;以及IoT增长放缓,收入逊市场预期9%,受惠白色家电押後推出。互联网服务收入按年升8.4%,增幅落後整体硬件板块。

不过,报告表示,小米末季毛利率胜预期,较市场预期高出2个百分点。智能手机毛利率按年升3个百分点,主因智能手机销售组合改善,及在元件缺乏下减少市场推广;IoT板块毛利率按年升3个百分点,主因产品组合改善;互联网服务毛利率按年升4.8个百分点,广告收入占比扩大及金融科技毛利率反弹。毛利因此高於市场预期10%。

麦格理料小米智能手机全球市占将由去年的11.4%扩大至14.3%,并料智能手机毛利率今年轻微收窄,公司恢复推广以扩大市占。随着产品高端化,料毛利率未来将扩大。另互联网服务方面,麦格理称,去年末季及今年首季,小米内地月度活跃月户增长符该行预期;该行料小米今年总每月活跃用户按年增26%。

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