《大行報告》建銀國際上調零跑汽車(09863.HK)目標價至54.8元 評級「跑贏大市」
建銀國際發表研究報告指,零跑汽車(09863.HK)即使在汽車行業競爭日趨白熱化的情況下,其EREV車型仍通過提供性價比高的規格來吸引市場。零跑的每周總產量一直超過3,000輛,其增程型電動車(EREV)產量亦持續增長。該行表示,規模經濟、原材料價格下降以及更高均價的車型組合正在令零跑的毛利率獲得顯著改善。
該行提到,零跑汽車於今年第一季推出C11和C01車型的增程型電動車(EREV)版本,並隨即交付。該行預計,這兩款車型的需求將會翻倍,並在產銷增長後推動零跑汽車下半年的交付量。該行提到,公司有信心在2025年實現7款車型的組合目標,目前每年會推出1至3款車型,涵蓋轎車、運動型多用途車(SUV)、以及多用途汽車(MPV),其目標是滲透到中國新能源汽車領域的中高端。
該行分別下調集團2023及24財年的銷量預測14%和13%,惟將其目標價由33.6元上調至54.8元,維持「跑贏大市」評級,以反映市場情緒及預期政府增加在稅收上的支持。
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