《大行报告》花旗:市场对小米(01810.HK)忧虑已属过度 重申「买入」评级
花旗发表的研究报告指,过去两周市场忧虑内地智能手机市场弱势、订单削减、印度局势及零件短缺等,令小米(01810.HK)股价表现较弱,而昨日有报道指小米将自禁止投资名单中剔除,减轻了投资者对集团前景不确定性的忧虑,公司股价因此反弹6%。该行相信市场过虑,认为小米基本面维持稳健,而与美国政府和解亦减少了不确定性,相信有望加强投资者信心并带动股价上行,相信公司自6月21日有望被重新纳入富时罗素指数,重申「买入」评级,目标价30元。
该行早前指出3月至4月销售表现弱过预期,估计下半年亦将减慢,而工信部公布4月份智能手机出货量跌至2,750万部,按年跌34%,该行相信部分是因为去年4月份基数较高,尽管行业数据较弱,花旗仍认为小米表现跑赢大市,而公司首季出货量亦胜预期,市占率由去年同期的11%增至15%,相信对智能手机市场弱势的忧虑过度,预期公司次季受惠市占增加将有强劲增长。
在零件短缺方面,该行相信对公司的影响少於其他小型品牌,主要因为公司有强劲的供应链能力,可领先市场并自小型厂商手上抢占市场份额。留意到荣耀回归的进展慢过预期,部分亦是受芯片供应影响,在供应紧张的情况下,改善产品组合及减少推广活动亦有助改善利润及将零件成本提升的影响转嫁。
至於印度市场方面,当地智能手机市场去年次季受封城严重影响,当时小米在印度的出货量大跌50%,并自下半年开始复苏,该行估计今年第二季供求及生产方面的影响仍未清晰,不过料今年印度智能手机销售将贡献其整体收入的10%及净利5%,而在供应不足的情况下公司可将芯片用於利润较高的地区,以改善供应及缓和相关影响,料对总体盈利影响有限。(el/k) ~
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.