《大行報告》美銀證券下調小米(01810.HK)評級至「跑輸大市」 降目標價至22.3元
美銀證券發表報告指,下調對小米集團(01810.HK)投資評級,由「中性」降至「跑輸大市」,將目標價由27.7元下調至22.3元,此按綜合方式作估值,指小米旗下智能手機在內地市場呈放緩及面臨的競爭加劇。
該行指,小米旗下智能手機產品在中國市場份額為17%,認為其要進一步擴張面臨挑戰,因為今年7月份榮耀已經獲得15%的份額,對比榮耀在今年3月份市場份額僅3%,供應鏈端亦預計榮耀在2022年的出貨量將翻倍。
美銀證券稱,內地市場貢獻了小米85%的互聯網銷售額及大部分收益,認為榮耀將與小米直接競爭,包括線上競爭,亦正積極拓展線下市場,該行認為榮耀會迅速追趕上來,並料OPPO和VIVO則保持相對穩定。
該行指,小米積極的線下戰略也導致了更高的成本。該行旗下熊情境預測下,如果小米的中國份額在2022年至2023年下降到12%至14%,對比2021年預測為16%,而榮耀恢復到20%以上,小米的互聯網增長將從2021年的17%,分別放緩到2022年的5%和2023年的負1%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.