《大行報告》花旗:特斯拉(TSLA.US)減價或對小鵬(09868.HK)構成威脅 電動車領域競爭激烈
花旗發表研究報告,預計今年純電動車市場可能會因車型供過於求而面臨挑戰,特別是在小鵬(09868.HK)大部分產品定位的20萬至30萬元人民幣市場,競爭將更加激烈。此外,特斯拉(TSLA.US)在中國市場減價亦可能對小鵬構成威脅。該行將小鵬的目標價由41元下調至39.6元,維持「沽售」評級,但移除高風險評級。
該行表示,考慮到電動車市場的競爭,將小鵬2023至2025年的銷量預測,由15.5萬、26萬、33.8萬輛略為下調至14.2萬、25萬、32.5萬輛,又將期內毛利率預測調整至1.9%、7.7%、9.6%,而淨虧損預測則調高1至5%,分別至114.6億、99.6億、93.6億元人民幣。該行預期,集團2024及25年的自由現金流流出分別為88億及65億元人民幣。
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