《大行報告》美銀證券微降零跑汽車(09863.HK)目標價至34元 季績符預期
美銀證券發表報告指,零跑汽車(09863.HK)去年第四季業績表現符合預期。期內汽車銷售均價約9.5萬元人民幣,按年及按季分別下跌26%及25%,未達該行預期。不過末季毛利率達6.7%,按年及按季比較均有改善,並勝該行預期,主要得益於工程創新連帶的規模擴大及成本減省。該行亦指公司營業利潤率按季下跌1.2個百分點,主要受累於營運支出對銷售比率高於預期。至於公司同期的淨虧損則符合於該行預期。
零跑汽車2024年交付量目標爲25萬至30萬輛,同時推出3款新車型應市。於2025年亦將會推出4至5款新車型。該行考慮到去年第四季季績表現,決定將2024年及2025年各年銷量預測分別降2%及升6%。另外,由於公司成本有效降低,該行上調了毛利率預期,並預計淨虧損將於2024年收窄4%,但在2025年將擴大23%。
美銀證券考慮到零跑汽車與Stellantis(STLA.US)日後的合作,將令公司銷量增長及海外擴張更加強勁。因此將零跑汽車目標價由35元輕微下調至34元,重申「買入」評級。
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