大摩:將小米集團(1810.HK)評級上調至超配 目標價升至31.5港元
格隆匯4月14日丨大摩昨日發研報指,小米集團(1810.HK)“AIoT+互聯網”的發展潛力被低估,因市場只關注短期盈利表現,而非行業長期發展。2020年,智能手機為小米貢獻了62%的營收,而人工智能物聯網(AIoT)和互聯網僅貢獻了37%。大摩預計在2021-2030年,AIoT的增長將超過智能手機,成為公司主要的收入來源。該行還認為,AIoT與互聯網的結合將有助於小米構建一個強大的生態系統併產生正面循環效應——小米可以通過其龐大的用户羣來加速與合作伙伴的發展,而伴隨合作伙伴的成功亦能吸引並留住更多的用户。 大摩採取與市場不同估值方法,對小米手機業務估值較低,對其AIoT及互聯網服務估值較高,該行相信智能手機+AIoT+互聯網將使小米的商業模式在長期更具競爭力和盈利能力。將小米的評級由持有上調至超配,目標價由24港元升至31.5港元,即預期市盈率為39x2021e和31x2022e,較4月9日的收盤價25.7港元有23%的潛在升幅。
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