大行評級|招銀國際:上季全球智能手機出貨量略超預期 予小米、比亞迪電子“買入”評級
招銀國際發表研報指,受中國促銷活動、新機型發佈及以舊換新活動所驅動,去年第四季度全球智能手機出貨量按年增長2.4%至3.32億部。若按品牌廠商表現劃分,小米及Vivo在第四季度表現均優於同行,出貨量分別按年增長4.8%及12.7%,至於蘋果及三星按年分別下降4.1%及2.7%導致份額下滑。展望今年,招銀國際預計全球智能手機出貨量將按年增長3%,受惠於iPhone 17週期、人工智能集成及中國補貼政策。
對於行業首選個股,我們更看好小米的市場份額增長及汽車業務增長,看好比亞迪電子的iPhone/iPad零部件及安卓業務,以及鴻騰精密受惠於iPhone週期及AirPods業務增長。至於智能手機產業鏈其他受益個股包括瑞聲科技、舜宇光學科技、丘鈦科技、立訊精密。招銀國際將鴻騰精密H股目標價定於4.38港元,小米目標價定於32.7港元,比亞迪電子目標價定於44.41元,均給予“買入”評級。
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