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《大行報告》高盛引述小鵬-W(09868.HK)管理層指目前擴大銷量至關重要 對本季毛利率看法正面
阿思達克 12-18 14:38
高盛發表報告指,於上周五(15日)到訪小鵬-W(09868.HK)辦公室及與管理層進行會議。該行引述小鵬管理層指,在目前競爭環境下,擴大銷量至關重要,並表示將繼續努力降低成本和開發高級駕駛輔助系統(ADAS),兩項戰略都已於今年實施,並將在明年進一步加強。 盈利能力方而,由於產品升級已於第三季度完成,並開始削減成本計劃,管理層對本季毛利率看法正面,料第四季汽車毛利率將錄正數。同時,管理層表示,自X9上市以來,訂單數量表現整體令人滿意,預計到明年將成為產品組合中利潤率最高的車型。此外,公司在第三季實現超過10億元自由現金流,並相信將在明年繼續產生自由現金流,將為後年實現收支平衡提供良好的可見性。 對於市場前景和競爭環境,管理層預計價格競爭將持續,直到傳統的汽車代工廠無法從內燃機汽車中獲利,且無進一步減價空間。因此,通過技術創新降低成本對小鵬非常重要。根據管理層講法,目前小鵬的ADAS的物料清單(BOM)成本為2.5萬元人民幣,而同行為2萬至3萬元人民幣,公司正在進一步降低有關成本。 至於城市自動輔助導航(NOA)是小鵬的主要差異化優勢,管理層相信,一旦公司實現覆蓋200個城市的目標,將拉大與低端同行差距。報告予小鵬H股目標價78元,評級「買入」。
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