《大行報告》匯豐研究降小鵬-W(09868.HK)目標價至79.4元 下調盈測反映價格壓力增
匯豐研究發表報告指出,小鵬-W(09868.HK)(XPEV.US)過去五個月的美股及H股價格分別回調17%及18%,相對於同期標普500指數升6%,恆生綜合指數跌13%。該行認爲,小鵬跑輸大市主要由於同業推出新車型及自動駕駛能力升級導致競爭加劇。
該行認爲,儘管定價及競爭帶來長期挑戰,惟該行維持對公司銷量及毛利前景正面的看法,主要由於公司隨着電動車變得更加商品化,小鵬領先的自動駕駛能力可能會提供差異化的競爭優勢;公司擬於今年第三季推出新車型X9和代號「MONA」的A級智能電動車,或將推動銷量增長;更高的規模經濟和成本優化改善利潤率,料將部分緩解定價壓力。
此外,由於定價壓力上升,該行將小鵬2023至2025年各年盈利預測分別下調24%、35%及42%;該行對公司2023至2025年毛利率預測作出下調,但部分被原物料成本正常化抵銷。此外,公司渠道擴張及持續研發,令去年營運開支較高。公司在規模擴大和效率提高的支持下,相信其今明兩年的營業費用率將有所降低。
該行維持對小鵬美股及H股的「買入」評級,美股目標價由22美元下調至20.4美元,港股目標價亦由87元下調至79.4元。
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