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《大行報告》花旗:小鵬(XPEV.US)首季燒錢41億人幣 次季展望遜
花旗發表研究報告指出,小鵬(09868.HK)(XPEV.US)首季燒錢41億元人民幣。鑑於市場普遍預期5至7月電動車行業的銷售將按月復甦,但小鵬5及6月的表現或按月持平,因此公司第二季的2.1萬至2.2萬輛的銷售指引或未能達標。 該行預期,第三季的行業競爭將較第二季更為激烈,因為比亞迪(01211.HK)最近已下調漢及海豹價格超過一成,意味著售價與小鵬P7i相近;另該行預期Tesla(TSLA.US)為維持內地的銷售額,將進一步減價;該行料內地電動車行業的利用率達30%,因大部分品牌都在燒錢及淨利潤率為負;小鵬G6定價如果超過23萬元人民幣,或會使其在行業層面欠缺吸引力,但如低於22萬人民幣則可能蠶食P7i的銷量。 此外,該行指小鵬首季一般和管理費用雖然有所下降,但不會改變大局,因為公司第二季展望遜色,展望未來,隨著公司現金消耗壓力的擴張,料其營運資金狀況可能惡化。該行維持對其美股「沽售」評級,目標價6.28美元,H股目標價24.48港元。
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