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《大行報告》野村降小米(01810.HK)評級至「中性」 目標價上調至31元
阿思達克 05-27 10:05
野村發表的研究報告指,小米集團(01810.HK)首季業績強勁,該行將其評級由「買入」降至「中性」,目標價由27元升至31元,早前該行認為小米被剔出多個指數時是好的買入機會,主要因為之前因美國制裁而被剔出的股份,於正式生效日後均有正面表現,另外公司在中國及全球的智能手機市場份額持續提升,不過自3月中以來小米股份已升29%,而同期恆指跌約1%,相信正面因素已反映在股價上,一方面與美國方面的訴訟已解決,而智能手機出貨量0穩健,但在晶片供應緊張情況下難有上行,另外電視出貨量亦有機會較弱。該行將目標價上調以反映管理層對全年的指引,但就將評級下降以反映上行空間有限。

該行指出公司首季業績強勁,銷售好過該行及市場預期3%至8%,主要受惠IoT及互聯網表現強勁,而內地月活躍用戶亦有增長,期內各個業務毛利率均強勁,主要因為供應緊張下價格競爭減少,加上產品組合亦有改善。

期內小米智能手機毛利率達12.9%,不過該行認為最重要的因素仍是銷量,因為晶片供應緊張及需求方面仍存不確定性,認為今年出貨量2億台的目標上行空間有限。在IoT方面,該行原先預期今年公司電視出貨量或可達1,400萬至1,500萬台,不過內地及印度需求均較慢,估計今年最多僅出貨1,200萬至1,300萬台,對公司IoT業務將帶來一些影響。

在互聯網業務方面,MIUI內地月活躍用戶按年升6.4%至1.19億人,該行相信對公司互聯網收入增長勢頭有正面影響,而小米未來於內地的智能手機市場份額增長勢頭亦是重要監測指標。

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