中信證券給出全市場最高目標價36港幣 看好小米(1810.HK)進軍萬億市值
格隆匯12月9日丨中信證券12月8日發佈小米深度跟蹤報告，維持公司“買入”評級，上調目標價至36港元，這是小米上市以來，境內外機構給出的市場最高目標價，對應市值8700億港元。中信證券認為小米手機×AoT戰略劍指下一代科技紅利，有望成為最受益的中國科技公司之一，躋身萬億市值俱樂部。
小米上市以來，其如何估值的問題一直面臨着爭議。中信證券認為，小米已經成為中國科技與互聯網巨頭中產業鏈最長、業務最複雜的全球化公司。2020年年初至今公司股價上漲144%，代表資本市場對小米的認知在持續演進。
報告中提出，小米不斷得到資本市場認可的主要驅動力有三大方向：
首先，小米手機業務重回全球第三，站穩高端。根據財報，2020年第三季度，小米智能手機收入達人民幣476億元，同比增長47.5%；智能手機出貨量4660萬部，同比增長45.3%。收入及出貨量均創歷史新高。
第二，手機×AoT戰略劍指下一代科技紅利，小米在中國智能家居市場市佔率排名第一，亦成為全球最領先的智能家居平台。公司有望成為智能家居時代的第一個巨頭公司。
截止2020年9月30日，小米IoT平台已連接的IoT設備（不包括智能手機及筆記本計算機）數量達到2.89億台；人工智能語音助手小愛同學，9月份月活用户數達到7840萬；米家App的月活躍用户數達到4310萬，三項數據都是歷史最高水平。
中信證券認為，小米是萬億家居物聯網市場中成功概率最高的公司。小米手機×AloT戰略清晰，具有較強先發優勢，亦牢牢佔據高端用户和市場。小米在中國智能家居市場市佔率排名第一，成為全球最領先的智能家居平台。
第三，手機×AoT的場景融合，會讓小米的長期變現空間擴大，這是真正超預期之處。展望未來3-5年，中信證券認為公司的核心競爭力和股價驅動力是AoT發力，憑藉更多爆品和SKU擴展更多用户，並探索互聯網變現的可能性。
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