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《大行報告》大摩:小鵬汽車(09868.HK)新SUV旗艦G9可成下半年關鍵催化劑
小鵬汽車-W(09868.HK)今早股價彈高,盤中曾高見96.8元一度抽高6.5%,最新報94.6元升4.1%。 摩根士丹利表報告表示,小鵬汽車SUV旗艦G9周三(10日)開啟預購。隨著G9的首次亮相,該公司將披露有關其該車型內部和相關功能信息,料G9將成為小鵬今年下半年及其在高端SUV領域的主要產品的關鍵催化劑。該行對小鵬(XPEV.US)維持「增持」評級及目標價41美元。 該行指,相信市場對G9的反饋將主導小鵬的股價走勢。G9作為小鵬的旗艦車型,G9採用X-EEA 3.0 Electricity & Electronic(E/E)架構,將成為首家採用800V SiC(Silicon Carbide) E/E架構的電動汽車廠商。480kW大功率充電應該能夠通過5分鐘的充電提供200公里的續航里程。對消費者而言,主要區別在於內飾,包括信息娛樂系統、座椅和音響。 大摩表示,雖然G9暫未有官方定價,料將在9月正式發布之前提供。該行預計G9的多個版本將在9月或第四季度輪流推出。預計旗艦版價格將在35萬至40萬人民幣左右,而30萬人民幣左右的版本應該是關鍵的銷量驅動力;鑑於所謂的「高端大眾」領域的競爭日趨激烈,更高的性價比仍然是一個重要因素。 該行指,30萬元人民幣以上的車型佔中國上半年新能源汽車總銷量的18-20%。該行預計市場會將這款車型與價格和軸距相近的車型進行對比,如蔚來-SW(09866.HK)ES7、理想-W(02015.HK)Li ONE/L8、特斯拉Model Y、吉利(00175.HK)的高端EV車型等。總體而言,當前市場對G9的反饋偏向積極。
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