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《大行報告》瑞銀降小鵬汽車(XPEV.US)評級至「中性」 目標價上調至23美元
瑞銀發表研究報告指,小鵬汽車(XPEV.US)的短期上行催化劑已在股價反映,雖然其與大眾的合作將在未來三年內持續進行,但公司在激烈的市場競爭中仍然脆弱及需要恢復盈利能力。該行將目標價由12美元上調至23美元,評級下調至「中性」。 該行認為,大眾與小鵬汽車的股權投資及技術合作體現了小鵬汽車在車輛智能和自動駕駛方面的技術。然而,大眾基於G9平台開發兩款中型電動汽車至少需要三年的時間。雖然雙方宣布合作後,集團股價即時上升約30%,但由於未能知道將來的銷量結果,因此仍需要不斷確認合作進展。 另外,該行預計2023及24年G6車型的每月平均銷量分別為8,000及1萬輛,足以抵銷舊型號銷量下降,從而令2023及24年的總銷量分別達到14萬及23.6萬輛,又分別下調集團期內收入預測30%及19%,淨收入預測則分別降32%及60%。
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