《大行報告》瑞銀:L9有較高銷售增長能見度及毛利 理想汽車(02015.HK)股價有上升潛力
瑞銀發表研究報告指出,理想汽車(02015.HK)推出第二款車型「理想L9」,雖然與已有五款車型的蔚來(09866.HK)及有三款車型的小鵬汽車(09868.HK)相比,理想於車型數量上較為保守,但其單款車型銷量銷量上更為成功。
該行認為,「理想L9」定價45.98萬元人民幣,與指導範圍45萬至50萬元人民幣一致,但功能較為有趣,包括附有手勢控制交互體驗及搭載激光雷達的自動駕駛等。由於「理想L9」設計獨特,難以在市場上找到可以直接比較的對手。而目標市面上全尺寸SUV只有平治GLS 、寶馬X7及Range Rover等,售價均超過100萬元人民幣。
瑞銀指出,理想目前已基本恢復早前相比於蔚來和小鵬的估值折讓,而目前三家公司的企業價值收益指標相若,惟「理想L9」有較高銷售增長能見度,其毛利甚至較「理想ONE」更高,相信理想股價有上升潛力,維持理想汽車(LI.US)美股「買入」評級,目標價52美元。
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