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《大行報告》花旗料零跑汽車(09863.HK)毛利率改善勢頭延續至明年 目標價降至47.2元
花旗發表報告指,零跑汽車(09863.HK)上季收入按季升39%至43億元人民幣,毛利率由次季負25.6%改善至負8.9%,主要受建議售價提升和產品組合改善支持。倘計及經銷商回扣,季度經調整毛利率轉正。 展望未來,管理層指引今年銷售目標12萬輛,明年指引倍升至24萬輛新能源車。隨著銷售加快及推出毛利率較純電動車更佳的增程式電動車(EREV),料至明年可保持毛利率上升勢頭。為反映疫情防控帶來的干擾,目標價由58.5元降至47.2元。
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