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研報掘金丨申萬宏源:賽力斯成長性較高,予“買入”評級
格隆匯 02-24 15:26
申萬宏源研究研報指出,賽力斯(601127.SH)爲豪華品牌新勢力,旗下問界系列主打中高端新能源市場,定價集中於25萬元以上價格段,同時旗下藍電品牌正滲透主流市場,定價集中於10-20萬元價格段,故選取新能源造車勢力中同樣聚焦大衆市場的比亞迪以及主打高端市場的理想爲其可比公司。考慮到公司2025年銷量預計突破40萬輛,已達到穩定盈利階段,故採取相對估值法,選取市盈率爲估值指標,兩家可比公司2024-2026 年平均PE 爲27x/18x/15x。公司問界M8上市交付在即,成長性較高,預計2025年歸母淨利潤增速高達63%,且公司智駕能力已成國內第一梯隊,深度受益智駕浪潮,同時機器人業務有望取得突破,公司位於主板上市沒有流動性折價,故給予其2025 年25x PE,對應其整體估值2329億元人民幣,相較於當前(2025.02.21)市值仍有26%上漲空間,給予“買入”評級。
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