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《大行報告》招商證券:小鵬-W(09868.HK)交付破兩萬早於預期 智駕催化銷量和估值彈性
招商證券發表報告指出,小鵬-W(09868.HK)10月份交付2萬輛,按年增長2.92倍,按月升31%,首次突破2萬里程碑,創單月歷史交付最高記錄,超預期提前達成公司第四季2萬輛交付目標。 該行認為,小鵬當前估值相當於明年預測市銷率1.9倍,低於行業平均2.5倍及公司歷史平均5.4倍。智能駕駛催化銷量和估值彈性,維持對其H股目標價110元及美股目標價28美元,相當於明年預測市銷率3.2倍,評級「增持」。給予估值高於行業平均,基於公司是智能駕駛最領先的第一梯隊;第四季後公司及行業將出現智駕催化銷量熱潮,潛在估值提升空間大;公司內部變革後,交付量及基本面改善彈性大於同業。
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