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《大行報告》富瑞降理想汽車(02015.HK)目標價至214.74元 季績勝預期毛利率強勁
富瑞發表報告指,理想汽車-W(02015.HK)第三季收入347億元人民幣,按季升21%,純利28億元人民幣,按季升23%,好過該行預期。第四季目標交付量12.5萬至12.8萬輛,符合該行預期。雖然第三季平均售價按季下跌1%至31.98萬元人民幣,汽車銷售毛利率仍升0.2個百分點,至21.2%,主要受惠規模效益及成本下降。管理層指,今年銷售及行政開支比率約8%。 該行認為,在基本情境下,高端電動車需求保持強勁,明年將推新型號外,預期隨後每年均推出一款新車,在規模效益提升下,毛利率持續改善。因應公司更新產品時間表,目標價由235.01元下調至214.74元,評級「買入」。
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