《大行報告》中金:小米(01810.HK)推首款售價二千人幣以下5G手機屬里程碑 料可振投資信心
中金發表報告表示,該行出席了小米(01810.HK)在北京舉行的新產品發佈會,公司出推首款5G手機Redmi K30,令人最大驚喜為市場首款售價二千元人幣以下5G手機(較目前最便宜5G手機價格低出40%),相信此屬小米及中國智能手機的里程碑,相信有助公司在5G市場提升市場份額,而Redmi K30令到投資者信服公司在發展5G業務具能力達成目標。
該行指,小米目前估值相當預測明年非通用會計準則市盈率15.5倍,維持對其「跑贏行業」投資評級,予目標價13.5元,此相當預測明年市盈率25倍,潛在升幅47%,相信公司可藉5G機會在明年業務復甦。
中金指,小米在內地智能手機市場份額,由2018年第三季的13.6%,至今年第三季下滑至9.8%,主要受到同業華為進取性的策略及定價所衝擊,但面對5G前景,小米相信可藉今次產品挑戰競爭對手。該行認為,Redmi K30可提振投資者信心,而中移動(00941.HK)料內地明年5G手機市場可達1.5億部,華為料5G手機採用率於明年底可達40至50%,基於小米5G手機售價為1,999元人民幣,相信5G手機採用率可高於市場預期。
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