大行評級|花旗:小米配股短期令股價受壓 但有利長遠發展
花旗發表報吿指,小米折讓6.6%先舊後新配股淨籌425億港元。值得注意的是,截至2024年底,小米持有31億人民幣的淨現金,並在2024年產生393億人民幣的淨經營現金流。同時,小米預計2025年的資本支出將高於2024年的105億人民幣。該行認為,今次融資對小米長期發展或有積極的作用,有助於降低槓桿率、支持人工智能相關研發、擴大電動車產能以滿足國內強勁需求,並可能推動海外擴張,同時改善股東結構並消除近期的市場隱憂。然而,由於股權稀釋效應,短期內可能對股價構成壓力。
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