惠譽授予小米(01810.HK)擬發行美元高級無抵押票據「BBB」評級
惠譽評級授予小米集團(01810.HK)擬發行美元高級無抵押票據「BBB」的評級。
擬發行票據將由小米全資擁有的Xiaomi Best Time International Limited發行，並由小米提供無條件及不可撤銷的擔保。擬發行票據構成小米的直接、無抵押、非次級債務，且與小米所有其他無抵押、非次級債務處於同等受償順序，因此其評級與小米「BBB」的高級無抵押評級一致。擬發行票據將包括一檔綠色債券。擬發行高級無抵押票據(綠色債券除外)募集的資金將用於一般企業用途。根據小米的綠色融資框架(已獲獨立顧問出具第二方意見)，綠色債券募集的資金或同等金額的款項將用於爲其合資格項目提供資金或進行再融資。
惠譽預計，小米的線下商店及強大的5G產品組合將助力其進軍中高端智能手機市場，這將實現更優質的互聯網營收。惠譽預期得益於其強大的線上銷售渠道及在運營商渠道的初步成功，小米將在主要海外市場實現持續增長。小米在海外的影響力強於中國其他供應商，2021年第一季度小米在歐洲和拉丁美洲分別位列第二和第三。
惠譽預期2021年中國經濟的復甦以及小米在海外市場的擴張將推動其IoT與生活消費產品業務實現逾30%的營收增長。該業務在2020年表現穩固，營收增長9%，儘管消費者需求受到新冠肺炎疫情影響且銷量因供應限制有所減少。此外該業務受益於小米廣泛的產品類別及其多種產品的市場領先地位。2020年，小米仍是中國出貨量最大的電視品牌，並在該業務領域躋身全球前五。
另一方面，該行指出小米電動汽車業務的重大執行風險限制了小米的信用狀況。2021年3月小米宣佈計劃在未來10年內投資100億美元發展智能電動汽車業務。該項計劃尚處於早期階段。不過業務需要大量前期研發和資本支出，產品設計週期長，且必須符合嚴格的安全標準，這或將令小米的整體盈利能力和現金流生成能力承壓。此外鑑於許多企業已進入該市場，該領域的競爭亦將非常激烈。
惠譽認爲長期來看，小米電動汽車業務啓動帶來的虧損可能令其利潤率承壓。但是，在智能手機市場份額提升、IoT與生活消費產品部門快速增長以及硬件用戶的互聯網營收改善的推動下，未來兩至三年內小米非電動汽車業務的經營性EBIT和現金生成能力或將迅速提升，而芯片供應以及強勁的5G消費升級應會在短期內支撐該公司的利潤率。(el/k) ~
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