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大行評級|瑞銀:略降小鵬汽車目標價至8.2美元 服務收入提供正面貢獻

瑞銀髮表報吿指,小鵬汽車第二季業績略勝預期,經營虧損16.09億元,按季及按年分別收窄2%和48%,市場預期經營虧損18.6億元,主要受惠於來自大眾汽車的服務收入增長。總營收為81.11億元,按季及按年分別增長24%和60%,高過75億至83億元的指引。根據瑞銀預估,小鵬目前的市銷率為2025年的0.9倍,高於蔚來的0.7倍和理想的0.7倍。

該行將小鵬2024年至2026年淨虧損預測收窄35%至39%,主要是考慮到來自大眾汽車較高的額外服務收入及其高利潤率,以及一些模型的微調,包括2025年同2026年銷量略微增加被較低的平均售價抵消,以及一些略微增加的費用。對小鵬美股目標價基於更新的營收預測由8.3美元略微下降至8.2美元。

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