大行評級|中銀國際:維持小鵬汽車“買入”評級 預計全年銷售翻倍的目標可輕鬆實現
中銀國際發表研究報吿指,預計小鵬汽車第四季收入將按季增長約60%至162億元,低於銷量接近翻倍的按季增長,主要是由於低價的MONA銷售佔比提升削弱產品結構。該行指,由於高毛利的技術服務收入佔比下降,預期集團第四季汽車利潤率將持續按季改善至約9%,但整體毛利率或按季下滑超過1個百分點。考慮到規模經濟帶來營運費用率下降,該行預料第四季經調整淨虧損將由第三季的15億元收窄,達12億至13億元。中銀國際表示,考慮到小鵬首季農曆新年淡季需求疲軟和新車型發佈節奏,預計集團第一季交付8萬至8.5萬輛,儘管按季有所回落,但仍顯著優於行業。自3月開始,公司將進入新車密集上市期。該行認為,集團的全年銷售按年翻倍的目標將可輕鬆實現。另外,如後續新車回饋正面,目標有望上調。該行提到,小鵬近期受AI驅動,公司股價升幅明顯,因此短期股價有回檔或震盪的可能,但隨着次季新車密集投放,股價可望重回升勢。該行維持該股“買入”評級,H股目標價70港元。
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