《大行报告》野村降小米(01810.HK)评级至「中性」 目标价上调至31元
野村发表的研究报告指,小米集团(01810.HK)首季业绩强劲,该行将其评级由「买入」降至「中性」,目标价由27元升至31元,早前该行认为小米被剔出多个指数时是好的买入机会,主要因为之前因美国制裁而被剔出的股份,於正式生效日後均有正面表现,另外公司在中国及全球的智能手机市场份额持续提升,不过自3月中以来小米股份已升29%,而同期恒指跌约1%,相信正面因素已反映在股价上,一方面与美国方面的诉讼已解决,而智能手机出货量0稳健,但在晶片供应紧张情况下难有上行,另外电视出货量亦有机会较弱。该行将目标价上调以反映管理层对全年的指引,但就将评级下降以反映上行空间有限。
该行指出公司首季业绩强劲,销售好过该行及市场预期3%至8%,主要受惠IoT及互联网表现强劲,而内地月活跃用户亦有增长,期内各个业务毛利率均强劲,主要因为供应紧张下价格竞争减少,加上产品组合亦有改善。
期内小米智能手机毛利率达12.9%,不过该行认为最重要的因素仍是销量,因为晶片供应紧张及需求方面仍存不确定性,认为今年出货量2亿台的目标上行空间有限。在IoT方面,该行原先预期今年公司电视出货量或可达1,400万至1,500万台,不过内地及印度需求均较慢,估计今年最多仅出货1,200万至1,300万台,对公司IoT业务将带来一些影响。
在互联网业务方面,MIUI内地月活跃用户按年升6.4%至1.19亿人,该行相信对公司互联网收入增长势头有正面影响,而小米未来於内地的智能手机市场份额增长势头亦是重要监测指标。
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