《大行報告》麥格理降小鵬-W(09868.HK)評級至「跑輸大市」 下調吉利(00175.HK)目標價至14.7元
麥格理下調小鵬-W(09868.HK)投資評級,由「中性」降至「跑輸大市」,維持目標價29元,相等於今年預測市銷率0.9倍。
該行相信公司今年面對更劇烈競爭,因特斯拉(TSLA.US)或於上半年進一步減價,預備旗下Model 3及Model Y換代,使Model 3對比小鵬P7更具競爭力。此外,理想-W(02015.HK)推出L7車款,進攻小鵬G9的運動型乘用車市場,並已錄得超預期的逾2萬輛預訂。
該行下調對公司今年銷量增長預測,由41%降至28%,並預期上半年毛利率壓力增加。該行認為公司最大挑戰為分銷渠道,並非產品本身,期待曾擔任長城汽車(02333.HK)副總裁王鳳英加盟小鵬,成為新總裁後能帶來改變。
該行亦下調對吉利(00175.HK)目標價10%至14.7元,並下調對吉利2022年至2024年淨利潤預測6%至11%。
基於去年銷售數據,麥格理維持對吉利新能源車銷售預測,但下調對吉利內燃引擎車的銷售預測,對公司2022年至2024年整體銷售預測下調4%至13%,同期收入預測下調3%至9%。該行上調營運開支比率預測16至27點子,反映公司計劃增加銷售開支以推廣新的新能源車品牌及改善相關代理網絡。
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