《大行報告》瑞銀上調小米-W(01810.HK)目標價至16元 評級「買入」
瑞銀發表報告指,仍然認為中國的智能手機更換週期應會在今年下半年重新加速,而小米-W(01810.HK)可能是主要的受惠者。集團推出更多高端Android智能手機以及開發新零售線下國內渠道,料該渠道去年佔中國智能手機銷量的逾60%至70%。該行認為,這些戰略擴大了小米的潛在市場,並在這一週期中提供了比之前更大的份額增長,另外,高端Android智能手機的吸引力將通過廣告和遊戲ARPU增加其關鍵的互聯網服務槓桿。
該行將集團2023及2024財年的列賬每股盈測分別下調44%及42%,該行預計,集團的電動汽車(EV)和新業務支出高於預期,撇除這些投資,該行將2023及2024財年的經調整每股盈測分別下調5%和4%,以反映公司更積極地平衡增長/利潤和庫存減少。具體而言,該行將集團今年的智能手機銷量預測從1.66億部下調至1.55億部,相當於按年增長3.3%,以反映上半年海外渠道的急劇縮減以及為改善其產品組合而進行的更多選擇性補貨。該行認為,未來集團的每股盈利提升可能取決於其高端智能手機執行,以及最大化與高端用戶相關的廣告和遊戲ARPU。
該行上調對其以核心業務市盈率計的估值基礎,以反映其市佔擴張和盈利槓桿、中國智能手機銷售加快,以及在可比同業和更廣泛的AH股市場的市盈率復甦,將其目標價由13.5元上調至16元,維持「買入」評級。
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.