《大行報告》匯豐研究降小鵬汽車(09868.HK)評級至「持有」 下調目標價至38元
匯豐研究發表研報指,年初至今小鵬汽車(09868.HK)美股和港股分別回調4%和3%,跑輸大市表現。該行表示,確實預期到電動汽車需求增長放緩將會加劇競爭,但電動車定價環境較預期更差,相信主要是由特斯拉大幅降價所引發。
報告指,小鵬汽車銷量和定價面臨壓力,利潤率收縮,相應將今明兩年盈利預測下調12%及48%,淨利潤預測分別較市場預期低8%及18%,並將評級由「買入」下調至「持有」,目標價從58元下調至38元,美股目標價則由15美元下調至10美元。
匯豐研究認為,電動車生產商的高速公路輔助駕駛功能越來越趨於同質化,預期小鵬汽車的城市場景試點產品XNGP可能會為用戶提供更好的體驗,與下半年推出的兩款新車型一同成為主要增長驅動力。(gc/k)
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