《大行報告》花旗:小米(01810.HK)能負擔得起電動車業務投資 市場或予更高估值
就小米集團(01810.HK)正式批准智能電動車業務立項,首期投資為100億元人民幣,預計未來十年投資額100億美元,花旗報告表示,小米計劃未來十年投資額100億美元於發展電動車業務,相信已足夠支付電動車業務的啟動資金,估計小米未來每年約有200億人民幣的營運現金流,擁有充裕的現金,令公司負擔得起拓展電動車業務的計劃,風險可控。
該行認為,小米年均投資65億元人民幣,不到公司總收入2%,但支出會影響淨利潤表現。
花旗表示,汽車行業對小米而言是一項全新的業務,任何進入或相關投資都可能對小米的財務以及投資者的回報預期和股票估值產生重大影響。新電動車業務可以為小米提供巨大的增長機會,而電動車和自動駕駛的趨勢,將為小米尋找自己的位置打開另一扇窗。在電動車子公司的估值,計入對小米綜合估值之前,市場可能會給小米帶來更高的估值。該行維持對小米「買入」評級及目標價30元。(wl/u)
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