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《大行報告》中金降小鵬-W(09868.HK)目標價23%至46元 評級「跑贏行業」
阿思達克 03-21 14:45
中金發表報告,指小鵬汽車-W(09868.HK)去年第四季營收51.4億元人民幣(下同),按季跌24.7%。規模效應減弱,銷售費用及促銷增大,末季非通用會計準則(Non-GAAP)計淨虧損22.12億元,略遜市場預期。 報告指,公司組織架構調整持續進行,渠道及產品矩陣開啟聚焦。推進降本戰略,智駕有望迎來規模搭載。維持「跑贏行業」評級,惟考慮到行業需求下行,下調2023年盈測,至股東應佔虧損57.9億元,首次引入2024年盈測為股東應佔虧損10.62億元。考慮到板塊估值回調,下調H股目標價23.3%至46港元。
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