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《大行報告》大摩料小米-W(01810.HK)次季智能手機付運按季復甦 屬潛在拐點評級「增持」
阿思達克 06-09 11:49
摩根士丹利發表研究報告指,小米-W(01810.HK)的智能手機出貨量自2021年第四季以來,連續五個季度下滑。基於去庫存基本完成,該行預計,其智能手機付運將在次季按季復甦,這或屬於該股的拐點。該行予集團目標價15元,評級為「增持」。該行提到,如果其付運於第一季觸底,且之後持續復甦,便極有可能成為集團重新評級的催化劑。 該行認為,集團的毛利率將在第二季度保持彈性,這或會繼續支持其按年復甦,又相信海外業務的積極勢頭將有助於改善集團的互聯網業務組合。截至今年首季,小米的全球MAU達到5.948億,按年增長12.4%,而截至3月23日,中國MAU按年增7.8%至1.462億,顯示集團有更大機會在海外市場錄得收入,以奠定增長基礎。
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