《大行報告》高盛上調理想汽車(02015.HK)目標價至199元 反映L9推高盈利
高盛發表研究報告指,理想汽車(02015.HK)年初至今股價表現強勢,相信是受到理想ONE需求的推動,以及6月推出新車型L9的消息推動。
該行表示,L9推出72小時內已接獲3萬訂單,超出早前預期的全年銷售1.5萬輛,預測至今年底L9每月銷量將達到6,000輛,成為內地45萬元以上售價新能源汽車中最暢銷車型。
理想汽車過去三個季度的毛利率仍超過22%,對比同行汽車利潤率普遍下降50至280個基點。高盛解釋,主要是因為ONE是一款混合動力汽車,因此按續航里程比例安裝較少的動力電池,估計每輛汽車在電池及輕質材料成本節省約8萬元人民幣,為公司帶來更大盈利空間。該行上調集團2022/23/24年盈測24%、37%及29%,至19億元、42億元及78億元人民幣,維持「買入」評級,目標價由160元升至199元。
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