《大行報告》瑞銀料小米(01810.HK)智慧電動車明年第三季開始銷售 最快2029年收支平衡
瑞銀發表研究報告指,小米(01810.HK)在汽車技術發布會推出首款車型SU7和SU7 Max,及集團的基礎電動車技術。小米表示,在性能規格方面,SU7 Max的表現優於保時捷Taycan和Tesla Model S,惟定價仍未能確定。該行預計,智慧電動車有望於明年第三季開始銷售,並料明年銷量將達3萬輛。
該行表示,考慮到汽車的性能對比和電池成本上的考慮,相信SU7車型的價格可能會在保時捷Taycan和Tesla Model S 的範圍內,而兩款車型在中國分別以150萬元人民幣(下同)及70萬元出售。在製造方面,小米表示已經開始小批量生產,但仍未確定首批車型是自行製造或外包給第三方。從長遠來看,該行認為集團目標在北京內部生產大部分智慧電動車。
該行預期,明年集團的智慧電動車淨虧損為820萬元。就長期出貨量預測而言,該行認為,擁有五台或以上設備的1,370萬「超級米粉」物聯網用戶為集團提供了良好的潛在市場。如果用戶中有10%購買小米智慧電動車,相信其電動車業務可以在2029年實現收支平衡。該行維持集團「買入」評級及目標價18元。
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