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《大行報告》匯豐研究上調小米(01810.HK)目標價至38.8元 評級「買入」
阿思達克 07-21 10:28
匯豐研究發表報告,指小米(01810.HK)引述研究機構Canalys指公司在第二季手機出貨量取代蘋果佔據第二位,付運量達5,270萬部,按年升83%,相等於市佔率由首季的14%升至17%。雖然中印兩地的需求較弱,公司仍然在拉丁美洲、非洲以及西歐按年計取得快速增長(分別升300%、150%及50%),而內地市場方面,新機小米11 Ultra亦成爲618購物節中最暢銷之一的高端安卓手機。

該行指,公司的物聯網業務擴張上軌道,受惠新產品推出帶動。而在高端手機市場的進一步滲透下,該行預期小米的互聯網服務業務將受惠每月每用戶收入和廣告收入提升,可抵消金融科技方面的下滑。該行預測公司第二季經調整純利按年升54%至52.1億元人民幣,收入按年增59%至851億元人民幣,而邊際利潤率可由去年次季的14.4%升至16.6%。該行並調升全年智能手機出貨預期至2億部(之前預測爲1.95億部),維持「買入」評級,目標價由37.1元升至38.8元。

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