《大行报告》花旗:小米(01810.HK)能负担得起电动车业务投资 市场或予更高估值
就小米集团(01810.HK)正式批准智能电动车业务立项,首期投资为100亿元人民币,预计未来十年投资额100亿美元,花旗报告表示,小米计划未来十年投资额100亿美元於发展电动车业务,相信已足够支付电动车业务的启动资金,估计小米未来每年约有200亿人民币的营运现金流,拥有充裕的现金,令公司负担得起拓展电动车业务的计划,风险可控。
该行认为,小米年均投资65亿元人民币,不到公司总收入2%,但支出会影响净利润表现。
花旗表示,汽车行业对小米而言是一项全新的业务,任何进入或相关投资都可能对小米的财务以及投资者的回报预期和股票估值产生重大影响。新电动车业务可以为小米提供巨大的增长机会,而电动车和自动驾驶的趋势,将为小米寻找自己的位置打开另一扇窗。在电动车子公司的估值,计入对小米综合估值之前,市场可能会给小米带来更高的估值。该行维持对小米「买入」评级及目标价30元。(wl/u)
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