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《大行報告》海通國際降小鵬-W(09868.HK)評級至「中性」 目標價上調至60.42元
海通國際發表研究報告指出,小鵬-W(09868.HK)第二季業績觸底,經營現金流流出大幅收窄。期內實現營收50.6億元人民幣,按年降31.9%,按季漲25.5%;其中汽車銷售收入44.2億元人民幣,按年降36.2%,按季漲25.9%;毛利率負3.9%,汽車毛利率負8.6%,按年由盈轉虧,主要由於G3i相關的存貨減值和存貨採購承諾虧損,產生負4.5個百分點的負面影響,以及促銷力度加大和補貼終止。 此外,小鵬次季研發費用13.7億元人民幣,按年漲8.1%,按季漲5.5%,由於公司擴大產品組合研發新車型。淨虧損28億元人民幣,去年同期為27億元人民幣,今年首季為23.4億元人民幣。季末現金及現金等價物餘額337億元人民幣,隨著銷量恢復按季增長,經營現金流流出大幅收窄10億元人民幣左右。 該行預計,小鵬G6今年將著眼於產能爬坡,未來穩態產量下的G6熱銷疊加X9 MPV開售有望顯著抬升產品均價,帶動公司盈利企穩回升。考慮到公司新車周期和智能化儲備將於明年起逐步兌現,該行預計公司今年交付13.6萬輛,預測2023至2025年營收總額為324.2億、611.1億及835.6億元人民幣,分別下調2%、上調8%及上調18%。參考國內外造車新勢力企業,將公司H股目標價由38.22元上調至60.42元,下調至「中性」評級。
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