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《大行報告》匯豐研究上調小米(01810.HK)目標價至37.1元 評級「買入」
阿思達克 11-25 09:52
匯豐環球研究發表研報指,小米(01810.HK)第三季業績勝預期,經調整淨利潤符合該行預期,並高於市場預期約8%,主要來自綜合利潤率提升至18.3%。 公司期內互聯網服務業務收入創季度新高,按年增長27%,主要由於月活躍用戶(MAU)及每用戶平均收入(ARPU)擴張,帶動廣告及遊戲強勁。該行指,小米執行高端化戰略,令智能手機毛利率提升至12.8%,但晶片短缺導致總出貨量按年下降6%。 該行預期,小米明年MAU及ARPU可維持增長趨勢,預計高端智能手機用戶數量增長將推動遊戲及廣告業務發展,並為公司帶來更多預裝應用程序的收入貢獻。小米目前已在內地開設超過1萬間線下門店,並計劃持續提高門店效率。 匯豐環球研究表示,雖然小米將2021年智能手機出貨量預期由2億部下調至約1.9億部,但仍維持2022年智能手機出貨量增長20%的目標,因此維持「買入」評級,將小米目標價由36.3元調升至37.1元。
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