大行評級|瑞銀:上調小鵬汽車目標價至18美元 評級升至“中性”
瑞銀髮表報告,在DeepSeek的出現震驚股市後,認爲投資者現在願意爲AI的潛力分配一些投資,而專注於AI的小鵬是一間值得注意的汽車公司。考慮到風險承受能力的潛在變化,將其評級由“沽售”上調至“中性”,目標價由8.8美元上調至18美元。
瑞銀稱,小鵬專注於軟件及自動駕駛,每年約有50%的研發支出用於軟件及智能。根據公開資料,公司是目前爲止唯一一間正在研發人形機械人的中國電動車製造商。雖然研發資源分散在多個項目,但這亦顯示出管理層對AI技術的承諾,認爲管理層在下一次季度業績電話會議中強調AI的應用將成爲近期的股價催化劑。
瑞銀提到,小鵬的下行風險是汽車銷售脆弱,自去年底Mona M03推出以來,綜合平均售價降至約16萬。另外,小鵬的自動駕駛產品賣點亦受到比亞迪以顯著價格優勢推廣DiPilot100所影響。如果銷售下降,投資者可能會擔心小鵬的AI執行能力,有可能會對股價產生負面影響。
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