《大行報告》瑞信下調小鵬汽車(XPEV.US)目標價至13美元 反映售價及毛利率遜預期
瑞信發表研究報告指,小鵬汽車(09868.HK)(XPEV.US)日前正式宣布旗下「P7」、「P5」及「G3」車型售價將下調10%至13%,消息令潛在買家及投資者都感到意外,因為公司年初才宣布今年各車型全國建議零售價,將與2022年底綜合補貼後價格保持一致。
瑞信將出乎意料的降價,歸因於小鵬汽車車輛交付量的急劇下降,指出1月上旬交付量按月下降37%,相信是由於補貼政策及Tesla(TSLA.US)降價帶來的顯著壓力。
小鵬管理層曾透露,積壓訂單少於一個月的銷售額,而2022年12月新增訂單與同月交付量非常接近,因此該行預期今個月小鵬訂單表現可能會保持疲軟。
考慮到售價和利潤率低於預期,該行將2023至2024年每股盈利預測下調5.5%至8%,美股目標價從14美元下調至13美元,維持「跑贏大市」評級。
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