《大行報告》摩通上調零跑汽車(09863.HK)目標價至38.5元 第三季業績勝預期
摩根大通發表報告指,零跑汽車(09863.HK)第三季業績勝預期,毛利率轉正,發生時間早過該行和市場預期。加上下半年至明年推出新車型,管理層對銷量持樂觀態度,並表示明年銷量有可能比今年翻一倍。
摩通指,看好零跑汽車的銷量和利潤率增長勢頭,但作為大眾市場參與者,公司需要在定價策略上靈活進取,以保持市場份額,將限制其明年利潤率的上行空間,管理層指引介乎5%至10%,摩通預測為8%。
摩通小幅上調零跑明年銷量預期,但考慮到大眾新能源汽車市場的持續激烈競爭,也上調營運開支假設。維持「中性」評級,目標價由36元升至38.5元。
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