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《大行報告》中銀國際降小米(01810.HK)目標價至21.92元 重申汽車業務前景正面
阿思達克 01-05 14:54
中銀國際發表報告指,小米(01810.HK)發表電動車SU7的技術後,對小米電動車前景維持正面,售價仍然是主要的不確定性,但相信小米有能力在競爭市場提出最好的價格。由於該行調整估值模式,目標價由22.2元下調至21.92元,反映傳統業務市盈率16倍,電動車業務市銷率4倍。 該行指,小米SU7的硬件規格屬同級產品中的頂尖水平,若果汽車實際上能夠達到預設規格,並提出最佳價格定位,將會成為今年其中一個最受歡迎的型號。小米財務狀況強勁,足以支持汽車研發及生產,在內地電動車供應鏈增長下,小米能夠取得可靠及具價格競爭力的零部件。 該行相信,小米電動車較同業更快達到毛利率收支平衡,因為可以利用現有的研發、零售渠道及推廣資源,配合現有產品線,能夠達到更低的銷售成本比率。
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