野村:維持小鵬汽車買入評級 目標價64.6美元
野村發表研究報吿指,小鵬汽車(9868.HK)首季交付量按年升1.59倍至3.46萬輛;汽車銷售收入70億元,主要受產品組合改善帶動;汽車毛利率按季改善30個基點至10.4%。該行維持其“買入”評級,美股目標價64.6美元。
儘管部分受到近期長三角地區新冠肺炎疫情的影響,小鵬在4月份的銷量強勁,顯示出其韌性,這受惠於其位於廣東省的工廠不間斷的生產運行。此外,該行相信管理層在多元化電池供應商、與芯片供應商簽訂長期合同以及建立專業研發團隊方面的努力,以提高靈活性半導體的使用,應該可以實現更好的成本控制和更順暢的生產時間表。
野村指,從5月22日開始,小鵬將採用新的定價策略,將ADAS硬件與基本軟件包捆綁在一起。管理層認為,這樣的安排將有助於加快用户滲透率和使用率,為未來通過OTA升級獲利的機會奠定基礎。
該行認為,小鵬在其產品組合中的價格比同行更實惠,這將推動未來持續強勁的銷售增長,即將推出的G9 SUV是一款重磅車型,毛利率可能高於25%,期望可從理想ONE及L9中奪取市場份額;另外通過提供卓越的性價比產品,即捆綁ADAS硬件和軟件提高市場滲透率;以及加快480KW增壓樁的推廣,提升用户體驗和黏性。
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