摩通:小米(1810.HK)有望增加內地智能手機市場份額 籲“增持”
摩根大通發表研究報吿指,小米集團(1810.HK)管理層釋出正面信息,並與該行的投資觀點一致。華為受到美國的限制,為集團帶來在內地智能手機市場的增長,在國際市場一直有良好表現的小米,隨着華為的業務受威脅,將有望在內地獲得更高的市場份額,這亦可能自今年起,重新推動其互聯網服務收入增長。該行維持小米目標價32港元,重申“增持”評級。
摩通表示,受惠於線下渠道持續擴張,集團在中國智能電話的市場份額有所回升,集團通過與零售商合作,將內地的商店擴張輕資產化,並以增強產品組合、向零售商提供更短的現金週轉期等,去鞏固與合作伙伴的關係。同時,其海外智能手機市場份額亦持續增長。
該行又提到,集團將雙品牌戰略擴展到物聯網,而內地活躍用户(MAU)增長回升,將有助於擴大互聯網服務的APRU。另一方面,從長遠而言,由於較高的APRU以及穩定增長的市場份額,該行相信,小米將能在歐洲創造更多互聯網貨幣化(internet monetization)的機會。

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