《大行報告》中信証券:小鵬汽車-W(09868.HK)業績承壓 靜待基本面改善
中信証券發表報告指,小鵬汽車-W(09868.HK)(XPEV.US)第三季營收按年增長19.3%;毛利率按季增加2.65個百分點,毛利率略超預期。行業競爭加劇、公司新產品G9發售暴露內部問題,帶來公司短期銷量承壓,但目前有基礎設施和智能駕駛底層技術的領先,同時公司管理層反思深刻、目前積極開展組織架構調整,看好基本面的邊際改善。該行維持其「買入」評級,美股目標價由25美元降至13美元,港股目標價由97港元降至51港元。
報告指,今年隨著中高端電動車市場優質供給的增多,小鵬第一代主力車型P7和P5所在的20至30萬人民幣(下同)價格區間競爭逐漸激烈;此外,特斯拉10月份減價對公司銷量帶來衝擊,以及新車型G9發售後市場反饋低於預期,令公司第四季銷量指引較弱,行業競爭加劇亦令公司明年和後年銷量存在一定壓力;因此,下調今年至後年銷量預測分別至12/21/34萬輛,原預測為17/31/48萬輛,下調公司今年至後年收入預測分別至269/526/943億元,原為383/756/1,269億元。
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