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《大行報告》中銀國際上調理想汽車(02015.HK)目標價至275元 評級「買入」
中銀國際發表報告指,理想汽車(02015.HK)次季收入按季增長52.5%,略低於銷量按季增長64.6%,主要由於產品結構下移導致均價回落。雖然受到理想ONE的去庫存和不利的產品結構影響,次季毛利率仍按季提升超過1個百分點至21.8%,經調整每輛車盈利達3.1萬元。管理層維持全年20%以上偏保守的毛利率指引,但該行認為隨著未來兩年公司銷量規模快速擴張,盈利能力的上升空間將更多來自費用率的持續優化。 該行上調對理想汽車今明兩年銷量預測分別至35.5萬和65萬輛,之前預測為33萬和59萬輛,同 時上調今明兩年經調淨利潤預測15至17%分別至93億和180億元人民幣。該行認為,不同於30萬人民幣以下市場電動車爆款湧現,30萬元以上市場電動車爆款稀缺,引發了投資者對於理想能否成功進軍純電市場的疑慮。然而,該行認為公司有望繼在增程市場後於純電領域再下一城。維持「買入」評級,基於2024年預測市盈率30倍,上調H股目標價到275港元。
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