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《大行報告》瑞信上調小鵬汽車(XPEV.US)目標價至28美元 評級「跑贏大市」
瑞信發表研究報告指出,小鵬汽車(09868.HK)(XPEV.US)與大眾汽車簽署戰略技術合作框架協議,大眾汽車以每股美國存託憑證15美元的價格收購小鵬已發行股份總數的4.99%,總代價約為7億美元。雙方將共同開發兩款大型電動車車型,並以大眾品牌在中國市場銷售,預計將於2026年起投產。此外,雙方將探索更多未來電動車平台、軟件技術和供應鏈方面的潛在戰略合作。 該行指出,上述框架協議是對小鵬汽車在電動車平台、車聯網及車聯網和智能輔助駕駛系統(ADAS)軟件等全棧技術領先地位的有力認可。預計小鵬從2024年起將獲得大眾汽車的技術服務費。同時,小鵬將通過與大眾汽車的合作,加強其整車工程、整車設計和零件供應鏈。 考慮到新技術服務收入,該行將小鵬2024至2025年美股每股盈利預測上調2.1%至20.6%,目標價由18美元上調至28美元,維持「跑贏大市」評級。
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