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大行評級丨優必選:獲花旗翻倍看漲 被認爲是“下一個特斯拉”
格隆匯 02-25 11:09
花旗最新報告指出,優必選當前估值可類比特斯拉2010-2011年新能源汽車萌芽期水平——彼時特斯拉Roadster年交付僅1,500輛,但市銷率高達24至25倍。預計優必選2026年淨虧損較2024年將收窄64%,2027年或實現盈虧平衡,這與特斯拉早期發展路徑高度相似。目前優必選市值57億美元,僅爲全球人形機器人頭部企業Figure AI估值(395億美元)的14%,而行業滲透率尚處“0到1”階段,成長溢價空間顯著。基於24倍2025年預期市銷率,花旗將優必選目標價上調超100%至142港元,並納入泛亞市場焦點名單。針對市場擔憂的特斯拉Optimus競爭風險,花旗報告指出,特斯拉的人形機器人Optimus不會構成對優必選的競爭,因爲特斯拉的新能源汽車製造商身份將限制Optimus在非新能源整車廠中的用戶羣體。而優必選已與東風柳汽、吉利汽車、一汽-大衆青島分公司、奧迪一汽、比亞迪、北汽新能源等多家車企及3C電子企業富士康、物流企業順豐等達成合作,是全球進入最多車廠實訓的人形機器人企業,在工業製造場景建立先發優勢。優必選工業人形機器人Walker S已收到車廠超過500臺的意向訂單,目前正處於產業化落地的關鍵階段。
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