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《大行報告》美銀證券上調小鵬-W(09868.HK)目標價至101元 評級「買入」
阿思達克 11-07 10:18
美銀證券發表報告,預期小鵬-W(09868.HK)第三季汽車毛損率按季收窄1.6個百分點,至負7%,毛利率復甦速度較預期慢,主要受累於G3i車型的庫存減值損失,以及為G9、舊款P7、G3i清理庫存而作出折扣促銷。不過該行預期第四季至明年,毛利率將會擴張,主要受惠較佳的產品組合,來自G6及新款G9的銷售貢獻增加,以及銷售增長、零部件成本減少。 因應10月銷售數據,以及P7i/X9新型號推出,該行將今年至2025年各年期間的銷量預測,分別提升4%、2%及2%,估計銷量分別按年增長17%、110%及45%。該行預期小鵬今年淨虧損擴大,明年收窄,至2025年扭虧為盈,H股目標價由98元上調至101元,維持「買入」評級,主要因為公司較早期已投入自動駕駛技術發展,以及明年產品線強勁。
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