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《大行報告》招商證券國際降小鵬汽車(09868.HK)目標價至69元 多重因素令銷量承壓
招商證券國際發表研究報告指,小鵬汽車(09868.HK)2月的新車交付量為4,545輛,按年/按月下跌24.5%/44.9%,主要受春季淡季;個別零部件供應鏈;以及公司沒有根據市場情況調整價格等因素所拖累。不過該行表示,集團首兩個月交付量承壓,3月開始加大終端促銷,同時新加盟經銷商開始營業令渠道擴張加快,預計小鵬3月交付量將觸底反彈,具有交易性機會,將其目標價上調78%至69元,並維持「增持」評級。 報告亦提到,小鵬X9推出市場後已累計交付約4,000輛,並預期3月起該型號的新車交付速度將有所上升。另外,公司早前亦宣布與阿聯酋、埃及等中東非五國經銷商集團達成戰略合作,旗下多款車型將會在今年第二季度於中東非五國推出並交付,有望推動公司月銷量增長。 該行指,集團新一輪組織變革提升管理效率,有望提升公司營運效率;與大眾聯合採購,有效降低集團的原材料成本,更好地面對行業競爭。
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