《大行報告》美銀證券升零跑汽車(09863.HK)評級至「買入」 目標價上調至50元
美銀證券發表報告指,零跑汽車(09863.HK)獲佳士拿母公司Stellantis入股,雙方將成立合資公司,在全球發售零跑的電動車,當中零跑將會取得合理利潤,日後合營公司在大中華以外生產汽車時,零跑可以收取專利費。
該行將零跑評級由「中性」上調至「買入」,認為交易是對零跑技術及產品的認可,而透過Stellantis在海外的網絡,零跑的銷量將得以提升,交易完成後資金注入,將會減輕投資者對零跑現金狀況及自由現金流的關注。
報告指,零跑將受惠規模擴充,能夠更有效地控制成本,交易作價每股43.8元,較現價溢價約20%,是良好的交易,該行將零跑2024及2025年的銷量預測輕微上調,以反映近期訂期情況強勁,今明兩年盈利預測分別上調0.3%及2.6%,目標價由41元上調至50元。
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