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《大行報告》摩通下調小鵬汽車(09868.HK)目標價至160元 評級「增持」
摩通發表報告,予小鵬汽車(09868.HK)「增持」評級,但目標價由240元下調至160元,以反映更保守的2025年EV/銷售倍數2.5倍預測,因考慮到市場對新能源汽車的情緒減弱,而成本通脹和整體汽車需求也是目前主要的行業阻力。 摩通指,對中國的新能源汽車市場樂觀,預計2020年至2025年的年複合增長率爲58%,並認爲全球汽車行業的結構性趨勢朝着更環保和更智能的方向發展。因此能夠提供智能電動車產品的公司如小鵬汽車應該受益最大,預計小鵬在中國新能源汽車市場份額將從2019年的1%上升到2025年的5%。 報告指,今年考慮到強勁的銷售、不斷變化的銷售組合和投入成本壓力,相信小鵬的毛利率將保持在13%至14%左右。
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