小米集团:3Q18 review - an internet company after all维持买入评级,热点题材,股票新闻,概念股,主力资金流入

小米集团:3Q18 review - an internet company after all维持买入评级
2018-11-26

  机构:德意志银行

  评级:买入

  目标价:21.40港元

  Weaker hardware but stronger internet; Buy

  Despite a challenging market environment, Xiaomi beat our 3Q earnings expectation with better than expected improvement in high-margin internet services business。 Between softer hardware business and stronger internet services trajectory, we believe Xiaomi is fundamentally tracking in line to slightly

  ahead of expectation。 The market has priced in the headwinds in hardware in recent correction, so we anticipate a bounce back in share price。 Buy。

  Key takeaways from 3Q18 print

  Smartphone shipment of 33.3m was slightly ahead of our 32.9m expectation, but overall ASP was weaker at 13% yoy growth than 16% expectation。 The higher non-China shipment mix and F/X played a part on the lower ASP and ultimately lower pro?t margin of 6.1% for smartphones versus our 7.0% expectation。 The upside to pro?ts was almost entirely driven by the 20% stronger internet services revenue, thanks to 1) improved ad recommendation algorithms; 2) higher MIUI user base and 3) higher pricing for pre-installation。 Non-IFRS net income beat DBe and consensus by 61%/45%, mainly due to lower operating expenses and a reversal of accrued income tax expense as a subsidiary became quali?ed as a Key Software Enterprises which enjoys a tax rate of 10%。 We continue to see a challenging market environment for handsets in coming quarters and would expect a QoQ decline in smartphone shipment but an improvement in ASP on product mix。 Internet service looks to be tracking healthily and prove the earnings support needed for the stock。

(文章来源:格隆汇)

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