大行評級|大摩:上調小米目標價至62港元 股價有望在2030年前突破100港元
摩根士丹利發表報告,認爲小米SU7 Ultra的推出標誌着其豪華車之旅的開端,第二款電動車YU7的推出也可能在今年成爲重要的正面催化劑。與此同時,AIoT和智能手機部門正展現積極勢頭。該行將小米目標價由45港元上調至62港元,當於今年非IFRS市盈率40倍。該行料小米的股價有望在2030年前突破100港元。據該行分析顯示,憑藉小米電動車和智能手機+AIoT+互聯網業務作爲雙增長引擎,公司總收入規模到2030年可能超過1萬億元,淨利潤超過1000億元。若如此,小米的市值可能達到2.5萬億元,能夠與比亞迪、特斯拉和蘋果等主要同行媲美。該行將小米汽車2025年的銷量預測從31萬輛上調至37萬輛,2026年從50萬輛上調至75萬輛;平均售價預測從2025年的24.5萬元上調至25萬元,2026年從25萬元上調至25.5萬元;電動車毛利率假設從20.2%上調至20.7%,2026年從21.9%上調至22.2%。因此,由2024至2026年,估計累計電動車毛利潤從2024年481億元,上升至2026年676億元。
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