瑞信:理想汽車(LI.US)上季業績勝預期,維持優於“大市評級”
格隆匯2月28日丨瑞信發研報指,理想汽車(2015.HK)去年第四季淨利潤按年增長175%至2.96億元人民幣,好於市場預期;更首次錄得2400萬元人幣的季度盈利,認為集團實現了里程碑,這受益於汽車營業利潤率按季升1.5個百分點至0.2%。該行維持其美股“優於大市”評級,目標價由45美元上調至46美元。
報吿指,理想汽車業績主要驚喜是汽車業務的毛利率按季增1.2百分點或按年增5.2%至創紀錄的22.3%。考慮到優於預期的毛利表現,上調2022-23年的每股盈利預測2.7%-10.3%。展望今年第一季,理想汽車目標交付3萬至3.2萬輛汽車,但據瑞信估計,集團在2月時已預訂8000至9000輛汽車,意味着3月的目標為1.1萬至1.2期輛,認為指引較為保守。根據集團的往績,實際交付量會比原定目標高出5-10%,因此預計理想汽車3月交付量將介於1.3萬至1.4萬輛。

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