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研報掘金丨東吳證券:期待G6上市提振交付表現以及公司盈利能力,維持小鵬汽車“買入”評級
格隆匯5月26日丨東吳證券25日研報指出,小鵬汽車-W(9868.HK)Q1虧損環比小幅收窄,但業績低於該行預期。行業競爭加劇拖累Q1毛利率,期待G6上市提振交付表現以及公司盈利能力。截至Q1末,小鵬全國建設425家銷售門店,覆蓋145個城市;充電站建設1016座,渠道網絡佈局持續完善。Q1末現金流超過340億元,現金流依然充裕。展望 023Q1,小鵬G6預計6月上市,公司預計Q2整體交付實現2.1~2.2萬輛,對應營收為45~47億元。考慮公司持續推進組織架構變革&降本增效,智能駕駛領域優勢保持,展望長期競爭力依然強勁,維持小鵬汽車“買入”評級。
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