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《大行報告》高盛上調小鵬-W(09868.HK)目標價至74元 評級「買入」
高盛發表報告指出,小鵬-W(09868.HK)(XPEV.US)次季盈利遜於該行及市場預期,總收入51億元人民幣,按季升25.5%,按年則跌31.9%,較該行及市場預期高出3.9%及3.2%。毛利率負3.9%,按年跌14.8個百分點,按季亦跌5.6個百分點。非通用會計準則(Non-GAAP)下淨虧損26.65億元人民幣,差過該行及市場預期分別26.2%及21%。第二季公司交付量達2.32萬輛,該行估算平均價格約21.5萬元人民幣。 該行引述小鵬管理層展望,第三季交付量達3.9萬至4.1萬輛,以中位數計按年增長33.3%,收入預測介乎85億至90億元人民幣,以中位數計按年增長25%。公司於6月份開始交付G6,目標第四季將該車型產量提升至每月1萬輛以上。 此外,該行將小鵬2023至2025年各年Non-GAAP淨虧損由預測介乎17億至85億元,調整至介乎54億至106億元人民幣,以反映第二季的業績以及毛利率增長遜預期。同時將來自大眾汽車集團的長期技術服務收入納入考量。對其港股目標價由70元上調至74元,評級「買入」,美股目標價亦由18.1美元上調至19美元。
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