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《大行報告》大摩:小米(01810.HK)很可能成為電動車顛覆者 目標價升至19.5元
阿思達克 01-16 11:42
摩根士丹利發表報告指出,電動車產業與消費電子產業愈來愈相似,小米-W(01810.HK)在產業順風的情況下,很可能成為電動車顛覆者,因其於先進駕駛輔助系統(ADAS)領域的領先創新,以及公司整合智能手機、電動車及物聯網模式,有助其產品脫穎而出。 該行提及,隨著小米澎湃OS (HyperOS)的推出,相信小米未來可將更多創意轉化為具吸引力的個案。同時,公司獨有的物聯網技術有助開發電動車智能座艙產品,或將成為小米關鍵競爭優勢。 此外,該行認為小米在智能手機領域的成功,可透過嚴格的成本控制和優化工程,以具吸引力價格推出產品,雖然小米是電動車領域的後來者,但相信其電動車業務亦將繼承有關的成本優勢。假設首款電動車產品能在品質、車輛設計、價格範圍和系統穩定性方面提供高滿意度,該行料小米將實現更快速的銷量增長。 該行預期,小米電動車業務的內在價值或高達900億元人民幣,相當於預測2025年市銷率約2.7倍,約佔公司目前市值約27%。納入電動車貢獻後,該行對小米的目標價由19.5元上調至19元,但降低對其傳統業務的預測,以反映毛利率下跌的憂慮,予以「增持」評級。
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