《大行報告》中信証券:小米(01810.HK)重回富時全球股票指數 料估值壓制有望逐步解除
中信証券發表報告表示,就富時羅素指數公司近日公告宣布將小米集團(01810.HK)重新納入富時全球指數系列,將於6月7日起納入50%,6月21日起納入餘下50%。此前,富時羅素在小米被列入「中國涉軍企業清單」後,於3月12日正式將小米從全球指數系列中移除。該行判斷小米此次重回富時全球指數,有望帶動相關被動資金以及部分觀望資金流入,公司股價有望重回基本面預期。
該行指,富時羅素公告將小米重新納入富時全球指數系列,料小米股價有望重回基本面預期。而基於公司手機出貨量快速提升、高端化持續取得突破以及今年以來的缺貨環境,該行預測,小米今年首季毛利率較2020年第四季將進一步提升,今年首季乃至全年盈利彈性或超預期。展望全年,該行估計小米智能手機出貨量有望接近2億台,IoT業務增速回升,用戶數的累積效應亦將幫助互聯網業務增速逐季提升。該行持續看好公司的「手機×AIoT」的長期戰略,結合未來兩年預期33%左右的複合增速,給予2022年綜合市盈率32倍,對應目標價36元,維持「買入」評級。
中信証券指,小米在2021年3月31日至2021年4月23日連續十五個交易日持續進行回購,直至靜默期停止回購,累計回購近50億元,彰顯公司信心。
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