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大行評級丨高盛:升小鵬目標價至57港元,評級中性
格隆匯 02-24 15:24
高盛發表報告指出,小鵬汽車(9868.HK)去年末季交付9.2萬輛新能源乘用車,按年增52%,按季增97%。該行在內地新能源乘用車市佔由對上一季的1.5%升至2.4%,主要受MONAM03及P7+所推動。該行料小鵬去年末季收入160億人民幣,按年增23%,按季增59%。該行料規模經濟擴張可抵銷MONAM03定價較低的影響;並料末季毛利達22億元,按年增169%,按季增41%。毛利率料達13.5%,按年增7.3%,按季則降1.7%。該行料小鵬末季EBIT虧損20億元,料non-GAAP淨虧損14億元。該行降小鵬2024及2025年non-GAAP純利預測分別2%至6%,以反映Mona銷售佔比增加拉低毛利率,但升non-GAAP純利預測2%,以反映經營槓桿利好。該行延展估值基礎一年,目標價由原先50港元升至57港元,評級中性。
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