中信証券升小米(01810.HK)目標價至36元 料藉AloT未來市值或可達萬億
中信証券發表報告表示,重申對小米(01810.HK)「買入」投資評級,上調對其目標價至36港元,此相當預測2022年綜合市盈率33倍,對應市值8,700億港元,並調高對其2020年至2022年非通用會計準則純利預測,由原來各120億、152億及212億人民幣(下同),升至分別123億、160億及222億人民幣。
該行指,小米旗下智能手機業務市場份額重回全球前三,料將是公司2020年至2021年股價驅動力,展望未來3至5年,認為小米的核心競爭力和股價驅力演變為AloT(人工智慧物聯網)持續發力,公司在AloT市場地位穩固,考慮到AloT賽道的萬億成長空間,目前仍處早期發展階段,基於今年收入給予米AloT業務市銷率3倍的估值。
中信証券表示,小米股價今年以來已累升144%,體現資本市場對公司智能手機業務市場份額升至全球第三,及產品平均售價提升、手機產品血高端演進的認知。該行料AloT逐漸進入爆發期,小米大概率成中國AloT市場的兩大重要企業之一,獲得穩定的市場地位及增長潛力,未來將躋身萬億市值水平。
該行估計,小米今年收入超過2,400億元,AloT收入佔比為28%,該行判斷公司AloT中期規模有望成長至千億元級,藉「手機 X AloT」搭建的基本盤,公司已經拿到從「移動互聯」向「AloT」時代演進的入場券。
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