《大行報告》交銀國際上調小鵬-W(09868.HK)目標價至29.96元 維持「沽出」評級
交銀國際發表報告指,小鵬-W(09868.HK)去年第四季度虧損少過市場預期,但銷量增長前景依然挑戰重重。期內營收130.5億元人民幣,按季上升53%,略低於市場和該行預期5%。毛利率6.2%,按季上升8.9百分點,好過市場和該行預期的4.5%至5%,non-GAAP淨虧損17.7億元人民幣,少過市場和該行預期,主要受惠毛利率和費用支出較佳。
該行指,小鵬上周銷量2,183輛,春節後略有改善,但銷售量增長仍面臨壓力。該行重申,在15萬級別規模以及成本控制能力上,造車新勢力不如比亞迪(01211.HK)等傳統車企,報告略為上調今年銷量及收入預測,因此H股目標價亦上調至29.96元,對應今年年遠期市銷率1.2倍不變,維持「沽出」評級。
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