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《大行報告》星展降小鵬(09868.HK)目標價至66元 評級「買入」
阿思達克 01-26 14:09
星展發表研究報告指,小鵬-W(09868.HK)導航指引技術所覆蓋的道路範圍,由去年約50多個城市迅速擴大到今年的200多個內地城市。集團與大眾汽車達成策略合作後,應有助增強其未來的增長方向。 該行表示,小鵬自去年第四季完成業務轉型後,出貨量以按年及按季比較均有明顯改善。在包括最新小鵬X9 MPV在內的多款新車型的支持下,該行預計公司2024財年的汽車出貨量將按年大幅增長75%至約24.78萬輛。該行又提到,集團將於今年推出新品牌,目標客群為中端市場,每輛平均售價約15萬元人民幣,加上去年大眾汽車的戰略投資,小鵬的前景向好。 星展預計,隨著預期集團銷量擴張,汽車利潤率將從去年第三季的-6.1%提升至2024財年的9%。該行指,由於面對宏觀挑戰,將集團目標價由86元下調至66元,維持「買入」評級。
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