《大行報告》瑞銀下調理想汽車(LI.US)目標價至29美元 評級「買入」
瑞銀發表報告,將理想汽車(LI.US)目標價由58美元削半至29美元,評級「買入」。該行指,新能源車製造商行業中,仍最偏好理想汽車,「蔚小理」中,理想收入增長最快,EBIT利潤率最高,因此相對於蔚來(NIO.US)和小鵬(XPEV.US)具估值溢價屬合理。
該行預計,理想汽車將在第四季再次實現盈利,並在明年成為首個實現盈利的新能源車製造商。由於內地的電動車滲透率明年有望達到37%,在目前利率上升環境下,該行認為投資者對虧損的公司耐性減少,積極的盈利能力展現其卓越效能及長期前景。
此外,報告稱,理想是中國首家汽車品牌每月持續售出逾一萬輛標價逾30萬元人民幣的汽車,傳統上只有德國豪華品牌可以做到。其在高端板塊的成功在長遠而言可創造更高利潤率的機遇。
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