《大行報告》交銀國際降理想-W(02015.HK)目標價至192.8元 上季利潤遠超預期
交銀國際發表研究報告指,理想汽車-W(02015.HK)去年第四季營業收入按年增長136%,較該行及市場預期高5.7%及6.8%;季度淨利潤則遠高於市場及該行預期約54.3%及45.5%。
理想給予今年首季銷量指引介乎10萬至10.3萬輛,交銀預測,今年3月交付量將會達到5萬輛水平,接近去年單月最高水平,當中主要受到MEGA於3月「發布即交付」,以及2024年款L7、L8和L9新車型集中交付的推動。而隨著售價較低的L6在4月上市,該行預期交付量有望再創新高,達到5萬至6萬輛水平。
交銀國際現時預測理想2024年銷量將按年增長52.9%至56.9萬輛,而隨著下半年推出的新車型集中在2025年交付,預測明年銷量有望增長64%至93.4萬輛。該行將今明兩年盈利預測上調18.6%及49.3%,相信今年全年毛利率有望維持在20%以上,維持「買入」評級,目標價調整為192.8元,列為「造車新勢力」的首選。
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