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《大行報告》花旗:市場對小米(01810.HK)憂慮已屬過度 重申「買入」評級
阿思達克 05-13 14:33
花旗發表的研究報告指,過去兩周市場憂慮內地智能手機市場弱勢、訂單削減、印度局勢及零件短缺等,令小米(01810.HK)股價表現較弱,而昨日有報道指小米將自禁止投資名單中剔除,減輕了投資者對集團前景不確定性的憂慮,公司股價因此反彈6%。該行相信市場過慮,認為小米基本面維持穩健,而與美國政府和解亦減少了不確定性,相信有望加強投資者信心並帶動股價上行,相信公司自6月21日有望被重新納入富時羅素指數,重申「買入」評級,目標價30元。

該行早前指出3月至4月銷售表現弱過預期,估計下半年亦將減慢,而工信部公布4月份智能手機出貨量跌至2,750萬部,按年跌34%,該行相信部分是因為去年4月份基數較高,儘管行業數據較弱,花旗仍認為小米表現跑贏大市,而公司首季出貨量亦勝預期,市佔率由去年同期的11%增至15%,相信對智能手機市場弱勢的憂慮過度,預期公司次季受惠市佔增加將有強勁增長。

在零件短缺方面,該行相信對公司的影響少於其他小型品牌,主要因為公司有強勁的供應鏈能力,可領先市場並自小型廠商手上搶佔市場份額。留意到榮耀回歸的進展慢過預期,部分亦是受芯片供應影響,在供應緊張的情況下,改善產品組合及減少推廣活動亦有助改善利潤及將零件成本提升的影響轉嫁。

至於印度市場方面,當地智能手機市場去年次季受封城嚴重影響,當時小米在印度的出貨量大跌50%,並自下半年開始復甦,該行估計今年第二季供求及生產方面的影響仍未清晰,不過料今年印度智能手機銷售將貢獻其整體收入的10%及淨利5%,而在供應不足的情況下公司可將芯片用於利潤較高的地區,以改善供應及緩和相關影響,料對總體盈利影響有限。(el/k) ~

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