《大行報告》美銀證券升理想汽車(02015.HK)目標價至222元 上季核心盈利勝預期
美銀證券發表研究報告指,理想汽車(02015.HK)上季總收入為417億元人民幣,按年升1.36倍,按季增20%。毛利率為23.5%,按年升3.3個百分點,按季則增1.5個百分點,勝於美銀預期的20.8%。營運開支與銷售比率為16.2%,按年減4.8個百分點,按季升0.9個百分點。由於毛利率得到改善和20億元人民幣的一次性稅收優惠,上季淨利潤為57億元人民幣,而2022年同期為2.57億元人民幣,超出該行預測的28億元人民幣;自由現金流為146億元人民幣,按年增349%,按季升11%。
該行表示,理想汽車目標今年底將擁有4款純電動汽車及4款增程式電動汽車,因此具有較強的產品競爭力。集團將於3月推出並交付Mega,並開始大量交付2024年版本的L7/8/9,又會於次季推出L6,並將於下半年推出三款純電動車。集團的目標是3月銷量逾5萬輛,6月銷量超過7萬輛。理想汽車重申今年銷售65萬至80萬輛的目標,並僅關注20萬元人民幣以上的定價細分市場。
該行引述理想管理層指,公司預計首季交付量為10萬至10.3萬輛,按年增90至96%,按季減22至24%。毛利率目標是未來每季增長20%以上。該行將集團今明兩年的銷售預測分別上調3%,並將期內每股盈測分別上調41%及70%,以反映公司毛利率及營運利潤率前景更加正面。該行將集團目標價由187元上調至222元,重申「買入」評級。
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