《大行報告》中金:小鵬汽車-W(09868.HK)付運勝預期 料明年迎規模優勢
中金髮表報告,指小鵬汽車-W(09868.HK)11月實現交付15,613輛,按年升近2.7倍,按月升54%,連續三個月付運量破萬輛,超出市場預期。智能化引領銷量快速提升,2022年體現規模優勢。
報告認爲小鵬內公司前置投入帶動費用支出絕對額增長較明顯,但伴隨產能爬坡及新車交付帶動規模效應,後續公司在把握智能電動機遇期的同時,有望繼續體現明顯的單車費用收窄。堅持軟硬件全線自研,構建科技優勢和商業模式創新。
中金稱,其現估值相當於預測明年市銷率7.2倍,維持公司盈利預測和「跑贏行業」評級不變,目標價271港元,相當於預測明年市銷率9倍。
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