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《大行報告》麥格理上調小米(01810.HK)目標價至36.7元 評級「跑贏大市」
阿思達克 08-27 11:26
麥格理發表的研究報告指,小米集團(01810.HK)有清晰內地市場發展策略,包括是更多線下店、定向提供產品等,不過公司認為供應短缺為潛在風險。該行預期第三季小米智能手機出貨量將按季下跌,不過第四季受惠內地及印度促銷季出貨量將回升,維持小米「跑贏大市」評級,目標價由34.6元升至36.7元。 該行指出次季小米收入按年升64%至877.89億元人民幣(下同),高於該行及市場預測,毛利率按季跌1.2個百分點,不過按年則升2.9個百分點,高於該行及市場預期,期內經調整淨利按年升87%至63.21億元,高於該行及市場預期。 麥格理認為小米在擴張內地市場方面有清晰計劃,包括是針對消費者推出產品、加強線下渠道,而公司在內地零售點擴張進取,較去年下半年增137%至7,600家分店,而第二季公司在內地線下渠道市場份額為7.8%,管理層指小米分店將步向一萬家,並將透過軟件改善效益,不過認為培訓分店經理需時,估計推出高效、可盈利分店亦需要時間。 另一方面,小米留意到電子行業面對供應短缺問題,並限制出貨,雖然公司正努力鎖定不同零件供應,但在管理增長及出貨等仍有挑戰。此外公司亦留意到內地監管增加,將為廣告業務帶來風險,短期影響仍在審視,不過公司對長遠廣告增長看法正面。
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