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研報掘金|東吳證券:首予零跑汽車“買入”評級 核心優勢明顯且出海戰略明確
東吳證券發佈研究報吿稱,首予零跑汽車“買入”評級,預測公司2023~2025年營收為189/401/720億元。考慮公司卡位主流新能源車市場,在研發/渠道/供應鏈管理多方面優勢明顯,同時出海戰略明確。該行認為公司應該享受更高估值。研報指,核心實力來自公司研發/渠道/供應鏈管理多方面的配合:1)研發層面:公司在成立之初就確立了三電系統/智能駕駛/軟件/物聯網等全部自研自產的發展戰略。2)渠道層面:零跑銷售與服務採用“直營+渠道合作伙伴”直接觸達用户的戰略模式開展,其中經銷為主力,渠道效率為發力核心。3)生產層面:目前除電芯、內外飾外購,底盤、汽車電子電器為自研及外包生產外,其它所有零部件均為自研自產,垂直整合幫助公司實現有效降本。展望未來,國內市場持續聚焦,發揮現有優勢;出海思路明確。1)國內市場:10-25萬元市場容量大,同時新能源車滲透率低於行業整體。零跑汽車在售/後續規劃新車均卡位中端新能源車市場。未來2-3年零跑汽車將基於一個技術架構、三個整車平台發佈5款全新產品,持續聚焦10-25萬元價格帶。持續發揮公司在研發/渠道/供應鏈管理多方面的優勢,提升市場份額。2)海外市場:2023年10月26日Stellantis對零跑進行股權投資,Stellantis集團和零跑汽車將以51:49的比例成立零跑國際開展出口和銷售業務。借力Stellantis可避免海外地方保護主義等問題,同時可基於現有海外渠道優勢加快海外市場開拓進度。
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