《大行報告》美銀證券下調小鵬汽車(09868.HK)目標價至155元 評級「買入」
美銀證券發表報告指,小鵬汽車(09868.HK)首季業績符預期,收入爲75億元人民幣,按年增長153%,但按季下跌13%。至於汽車毛利率爲10.4%,高於去年同期的10.1%,不過低於上季的10.9%。業績出現按季下跌,主因產品組合雖然有改善,但被新能源車補貼削減及電池成本上升所抵銷。
該行表示,小鵬預期第二季的毛利率會受電池成本上升影響,但由於新價格的訂單於第三季開始出貨,因此下半年的毛利率料可見持續改善。
考慮到因疫情封城造成的影響,美銀證券下調小鵬汽車今年銷售預測2%,股份目標價由178港元降至155港元,評級維持「買入」。
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