研報掘金|中信證券:維持小米集團“買入”評級 目標價16港元
中信證券發佈研究報吿稱,維持小米集團“買入”評級,預計2023-2025年分別將實現營業收入2707/2948/3181億元、Non-IFRS淨利潤117/126/137億元,目標價16港元。報吿中稱,伴隨着團隊、技術、工廠、資質陸續到位,小米首款智能電動汽車發佈在即。考慮到新能源汽車仍將快速滲透的行業趨勢,以及當下依舊未定的市場格局,該行認為先發者未必走到終局,小米汽車等後發者仍有追趕機會。
該行認為,供應鏈、軟件、用户、生態、渠道等方面的優勢有助於小米在智能汽車市場佔據一席之地,較其他造車新勢力而言有望更快實現年銷10萬輛且毛利轉正的目標,進而打開千億量級的額外估值空間。該行持續看好小米智能汽車的成功推出和快速增長,為公司帶來新的增長曲線和估值提升,期待公司在手機、汽車、智能家居完全打通後融會貫通的價值。
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