《大行報告》中銀國際下調理想汽車-W(02015.HK)目標價至235元 評級「中性」
中銀國際發表研究報告指,理想汽車-W(02015.HK)(LI.US)第三季收入按季增長21%,略低於預期,主要由於期內終端用戶折扣增加,導致整體產品平均售價下降。不過,由於供應商成本減省措施奏效,加上產品組合調整,以及嚴控研發及營銷開支,令非通用會計下每輛汽車淨利潤再創新高,達到3.3萬元人民幣。
中銀國際認為,公司第四季12.5萬至12.8萬輛車的交付指引基本符合預期,但受近期促銷力度加大所拖累,第四季每汽輛車收入指引則下降至30.8萬元人民幣。
管理層重申季度及年度毛利率目標都在20%以上,但該行預計近期的汽車毛利率可能會受到折扣擴大及MEGA於明年首季量產所影響,基於明年預測市盈率約25倍,將目標價從275元降至235元,維持「買入」評級。
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