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《大行報告》中銀國際上調小鵬-W(09868.HK)目標價至110元 評級「買入」
中銀國際發表研究報告指,小鵬汽車-W(09868.HK)(XPEV.US)第三季收入按季增長68.5%,略低於市場普遍預期,主因是銷售結構的轉變和舊車型促銷力度加大,導致汽車平均售價被侵蝕,令利潤率按季回升幅度較預期弱。 惟該行指出,小鵬現金流水平有所改善,第三季自由現金流超過10億元人民幣,第四季交付指引基本符合預期,相對銷售表現將按季改善,同時憧憬即將推出的新款MPV X9具有潛在銷售增長空間。 基於豐富的產品線以及公司打造熱銷產品的能力增強,中銀國際將小鵬2023至2025年銷量預測上調至14.3萬、32萬及45萬輛,重申小鵬-W(09868.HK)「買入」評級,基於明年預測市盈率約2.5倍不變,目標價由91元上調至110元。 收入預測方面,則維持2023年度收入預測爲312億元人民幣不變,並將2024至2025年的收入預測上調24%至30%,預料達到731億及921億元人民幣。
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