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《大行》高盛升小米(01810.HK)目標價至69元 透過YU7鞏固在中國高端汽車市場領導地位
高盛發表報告指,小米-W(01810.HK)正式發布備受期待的YU7,銷售開始後首3分鐘訂單量達到20萬(其中超過12.2萬訂單已確認),首小時內達到28.9萬。雖然5,000元人民幣(下同)的訂單定金在7天內可退(與SU7發布時一致),且訂單中包含一小部分從SU7未完成訂單轉換而來,但仍認為消費者對小米YU7的需求遠超該行和市場的預期,應能鞏固小米在中國高端汽車市場的領導地位。目標價由65元升至69元,維持「買入」評級。 YU7標準版、Pro版和Max版的零售價分別為25.35萬、27.99萬及32.99萬元,基本符合該行預期YU7平均售價為28.5萬元,相較於競爭對手仍具高度競爭力。由於小米SU7是今年迄今中國最暢銷的高端轎車型號,該行認為YU7以其在尺寸/內部空間、駕駛性能/動力系統和續航能力的突出表現,正強勢進入中國高端SUV市場,目前該市場的領先者包括特斯拉Model Y和理想L6。 高盛上調小米2025至2027年電動車交付量及電動車收入預測1%至6%,現時預期2025至2027年電動車交付量分別為41.1萬輛、80萬輛及117.4萬輛,而不包括電動車的小米收入預測大致維持不變。同時將小米2025至2027年經調整淨利潤預測上調1%至4%,但由於預期小米將維持較高的研發密集度,因此上調了研發開支假設,部分抵銷了上調後的經調整淨利潤預測。該行另預測小米2024至2027年收入和淨利潤年複合增長率分別為27%和40%。
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