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《大行報告》中金上調零跑汽車(09863.HK)目標價至43.5元 評級「跑贏行業」
阿思達克 11-07 15:25
中金發表報告指出,今年零跑汽車(09863.HK)銷量自底部快速回升, 第三季累計交付4.43萬輛,按季增長30%,10月份銷量按月繼續提升達1.8萬輛,為歷史新高水平 。在產品矩陣方面,公司基於原有底盤架構推出同平台增程車型,動力形式豐富度提升,推動公司增程產品銷量領先。 該行認為,零跑得益於銷量提振,規模效應釋放,第三季毛利率按季提升6.4個百分點,至1.2%,實現首次毛利轉正。該行認為,隨著零跑銷量逐月起量和規模效應釋放,毛利率有望進一步抬升,利潤空間增量可期。 此外,該行維持對零跑今明兩年的盈利預測不變,維持「跑贏行業」評級,考慮到公司拓展全新商業模式,上調目標價22%至43.5元。
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