《大行报告》中信证券:小米(01810.HK)重回富时全球股票指数 料估值压制有望逐步解除
中信证券发表报告表示,就富时罗素指数公司近日公告宣布将小米集团(01810.HK)重新纳入富时全球指数系列,将於6月7日起纳入50%,6月21日起纳入余下50%。此前,富时罗素在小米被列入「中国涉军企业清单」後,於3月12日正式将小米从全球指数系列中移除。该行判断小米此次重回富时全球指数,有望带动相关被动资金以及部分观望资金流入,公司股价有望重回基本面预期。
该行指,富时罗素公告将小米重新纳入富时全球指数系列,料小米股价有望重回基本面预期。而基於公司手机出货量快速提升、高端化持续取得突破以及今年以来的缺货环境,该行预测,小米今年首季毛利率较2020年第四季将进一步提升,今年首季乃至全年盈利弹性或超预期。展望全年,该行估计小米智能手机出货量有望接近2亿台,IoT业务增速回升,用户数的累积效应亦将帮助互联网业务增速逐季提升。该行持续看好公司的「手机×AIoT」的长期战略,结合未来两年预期33%左右的复合增速,给予2022年综合市盈率32倍,对应目标价36元,维持「买入」评级。
中信证券指,小米在2021年3月31日至2021年4月23日连续十五个交易日持续进行回购,直至静默期停止回购,累计回购近50亿元,彰显公司信心。
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