大行评级|高盛:上调小米目标价至69港元 YU7巩固其在中国高端汽车市场领导地位

格隆汇
27 Jun

高盛发表报告指,小米正式发布备受期待的YU7,销售开始后首3分钟订单量达到20万(其中超过12.2万订单已确认),首小时内达到28.9万。虽然5000元的订单定金在7天内可退(与SU7发布时一致),且订单中包含一小部分从SU7未完成订单转换而来,但仍认为消费者对小米YU7的需求远超该行和市场的预期,应能巩固小米在中国高端汽车市场的领导地位。YU7标准版、Pro版和Max版的零售价分别为25.35万、27.99万及32.99万元,基本符合该行预期YU7平均售价为28.5万元,相较于竞争对手仍具高度竞争力。该行对其目标价由65港元上调至69港元,维持“买入”评级。 高盛上调小米2025至2027年电动车交付量及电动车收入预测1%至6%,现时预期2025至2027年电动车交付量分别为41.1万辆、80万辆及117.4万辆,而不包括电动车的小米收入预测大致维持不变;同时将小米2025至2027年经调整净利润预测上调1%至4%,但由于预期小米将维持较高的研发密集度,因此上调了研发开支假设,部分抵销了上调后的经调整净利润预测。

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