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《大行報告》德銀下調小鵬汽車(XPEV.US)目標價至43美元 評級「買入」
德銀發表報告,由於原材料通脹導致毛利率面臨壓力,預計小鵬汽車(09868.HK)(XPEV.US)2022年第二季業績疲軟;並受累需求遜預期,預計小鵬汽車第三季目標出貨量為3.5萬至3.7萬輛,將大大低於市場預期。該行將小鵬美股目標價由51美元下調至43美元;德銀並指小鵬在技術能力的長期價值被低估,亦不認為需求在現水平將再大幅惡化,予評級「買入」。 考慮到現有車型的銷售疲軟,該行將小鵬汽車全年交付量預測從18萬輛大幅下調至15.5萬輛,將毛利率下調130個基點至11.3%,反映促銷活動增加。 展望2023年,德銀預計小鵬將有很多更強的產品週期,並因自動駕駛的研發獲取更多動能。
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