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《大行報告》大和首予小鵬(09868.HK)「買入」評級 料2022至2030年盈利年均複合增長65%
阿思達克 08-05 15:51
大和發表研究報告,首予小鵬汽車(09868.HK)H股「買入」評級,目標價200元。該行認為小鵬在中國汽車代工品牌中擁有先進駕駛輔助系統(ADAS)及商業化具領導地位,料公司明年料可實現盈利。該行料其2022至2030年間盈利年均複合增長達65%。 報告稱,本年至今內地新能源車競爭加劇,傳統內燃汽車品牌加快生產新能源車,準備捕捉市場份額。不過,小鵬汽車領先同業,能夠較快開發及付運新車款;有能力開發全方位自動駕駛軟體及更新其ADAS系統XPILOT。其即將發布P5轎車高端版本,將配備光學雷達支持市區行駛,屬全球首款配備光學雷達及量產車款,料該車款今年末季將引發市場興趣。 大和稱,軟件變現料可支持估值重評。透過應用其開發全方位自動駕駛演算法能力,小鵬汽車首季從XPILOT錄8,000萬元人民幣(下同)收入,毛利錄7,000萬元,料今年軟件收入達4.9億元,毛利率達85%,支持其新車毛利率升至19.8%,高於去年及今年首季的分別3.5%及10.1%。 報告料小鵬汽車今年銷量約8.19萬輛,明年銷量增至約15.9萬輛;另外,倘XPILOT市場滲透快過預期,將支持公司毛利率進一步擴張。
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