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《大行報告》匯豐研究下調小米(01810.HK)目標價至36.3元 評級「買入」
阿思達克 08-31 11:37
匯豐研究發表的報告指,小米集團(01810.HK)次季盈利表現穩健,利潤及智能手機平均銷售單價理想,估計下半年海外市場份額提升可抵銷在內地面對的挑戰,將公司目標價由38.8元降至36.3元,評級維持「買入」。 該行指出小米次季經調整淨利63億元人民幣(下同),分別較該行及市場預期高21%及15%,主要受惠智能手機收入按年增長84%,而毛利率擴張2.87個百分點至17.3%,而經營開支特別是研發方面亦低於預期。期內智能手機高端化勢頭強勁,帶動平均銷售單價次季達1,117元,上半年售價高於3,000元的高端機款海外市場出貨量突破1,200萬台。而次季廣告收入按年增長45%,按季升15%至45億元,創新高,內地月活躍用戶增至1.24億戶,此外公司在收入多元化方面亦有好進展,海外服務收入按年升97%,貢獻整體互聯網服務收入的15%。 在分析員會議上,公司次季已開逾2,100家線下零售店,令整體分店數目增至逾7,600家,或可超越之前的年終目標1萬家。公司估計下半年受監管及高基數影響,廣告收入或放慢,主要因為部分教育及娛樂行業客戶或削減廣告預算,另一方面公司估計第三季遊戲收入將向好,主要受惠用戶特別是高端客戶基數增加。 另外公司估計芯片短缺影響將持續影響出貨直至2022年中,公司期望三年內市佔率成為全球第一智能手機品牌,並將繼續在歐洲、拉美及非洲擴張,不過部分需求或因4G芯片供應問題而不能滿足,而在內地市場榮耀的競爭亦加劇,相信公司將多方面維持其地位。
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