《大行報告》中金:小鵬汽車(09868.HK)9月銷量首次破萬輛 指第三季業績表現值期待
中金髮表研究報告指,小鵬汽車(09868.HK)9月實現交付10,412輛,銷量首次破萬輛,分別按年及按月增長205%及44%,超出市場預期,首三季累計交付25,666輛,亦超出公司指引上限,相信表現強勁反映出小鵬汽車在智能化產品戰略正確。
該公司上月中宣佈正式推出新車型小鵬P5,產品定位爲舒適駕乘、百變智能的年輕家庭用車,開售24小時訂單已超過6,000輛。報告指出,現時投資者較擔心P5與P7的內部競爭問題,但認爲隨着P5的10月份交付及產能逐步提升,可持續挖掘增量用戶,推動第四季交付再創新高,實現公司此前規劃的單月1.5萬交付量。
中金指出,P7現時銷量佔比爲76.9%,認爲於P7的銷量及佔比於第三季有望再提升,帶動收入增長,並可對衝原材料漲價及G3i產能切換的停工負面影響,帶動毛利率上行,第三季業績表現值得期待,維持「跑贏大市」評級,目標價215元。
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