《大行報告》花旗下調小鵬汽車-W(09868.HK)目標價至28.14元 評級「沽售」
花旗發表研究報告指出,內地新能源汽車行業供過於求,全年要實現870萬輛的銷量目標,行業於第二、第三及第四季銷量需按季增長20%、30%及35%,今年銷量才可達按年增長34%,但仍低於去年增長100%的水平。然而,該行認為行業第三季的新能源車銷量增長放緩,將不會實現按季增長30%。而踏入2024財年,該行進一步對行業增長預測降至按年增長約25%。
此外,該行認為小鵬汽車-W(09868.HK)的P5與P7於純電動轎車市場的競爭力,較比亞迪海豚、零跑C01、比亞迪漢EV及比亞迪海豹弱,而小鵬G9價值亦低於比亞迪唐EV及零跑C11。
該行對小鵬2024及2025財年的銷售預測由20.15萬及22.57萬輛,下調至14.61萬及16.8萬輛,2023至2025財年的毛利率各下調至9.1%、10.2%及10.1%。雖然預期公司資本開支按年有所減少以及銷售及行政費用上控制成本,但仍預期公司2023至2025財年的淨虧損分別為86億、102億及122億元人民幣。對其目標價由34.78元降至28.14元,重申「沽售」評級。
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