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China Securities Co., Ltd. Everbright Securities first gave Xiaomi (01810) a "Reduce" rating and a target price of 15 yuan (a potential decline of 28.2% of the previous closing price of 20 , 9 yuan).
Everbright Securities believes that in the short term, Xiaowu Internet of Things (IoT) hardware sales can increase at a high speed, while the long-term and high IoT platform has a huge added value that awaits to be released. Among them, the Chinese consumer IoT hardware market has a large space, but the concentration is low Xiaomi currently has 100 million device connections and has invested in more than 90 eco-channel start-ups to accelerate its expansion The annual share of the global market of the Internet of Things accounted for 2%.
In addition, Everbright Securities pointed out that Xiaomi's cell phone sales have increased despite the trend: the domestic market has increased its share of shipping by accelerating innovation and improving the capabilities of offline channels. Expansion, overseas shipments rose 139% year-on-year in the first quarter of this year, leading the company's overall shipments in the first quarter of this year to grow by 81% over one year, the growth rate is much higher. In addition, as domestic and international red rice customers migrate to the high-end Max series, the mid-high-end category continues to grow and the product structure is expected to gradually improve.
Everbright Securities predicted net profit of 8.1 billion yuan, 10.231 billion yuan and 13.12 billion yuan from Xiaomi, from 2018 to 2020, representing a compound annual growth rate of 35%. However, at this stage, the ability to achieve the Internet needs to be improved, the IoT monetization model not being formed, it only gives a target price of 15 yuan, or 35 times the expected price / earnings ratio and 1 times the dynamic price / earnings ratio.
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