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《大行報告》美銀證券下調小鵬汽車-W(09868.HK)目標價至194元 評級「買入」
美銀證券發表報告,小鵬汽車-W(09868.HK)去年第四季淨虧損13億元人民幣(下同),高於市場預計的虧損21億元。在材料成本上漲下,小鵬汽車預計今年首季和次季毛利率按季持平,下半年的毛利率將繼續改善。集團首季的汽車交付量指引爲3.35萬至3.4萬輛,按年增長151%至155%,在中國新冠疫情爆發下,該行認爲指引理想。 該行指,考慮到價格上漲,將小鵬汽車今年銷售預測降低2%,且將其市售率目標下調至5.5倍,目標價相應由236元降至194元,重申「買入」評級。
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