研報掘金丨中金:上調零跑汽車目標價至80港元 預計次季銷量將突破13萬輛創新高
中金髮表研究報告指,零跑汽車首季收入增長1.87倍,主要因銷量增長1.62倍及產品結構優化;毛利率勝市場預期,主要因規模效應增強,且外部策略合作盈利能力較強,期內淨利潤亦符合市場預期。該行預計次季銷量將突破13萬輛,達到歷史新高。海外方面,今年首季海外門市按季增加逾100家,門市總數超過500家。今年首四個月出口約1.36輛。該行預計,隨着公司海外本土供應能力增強,通路與產品優勢可望進一步釋放。該行將2025及26年營業收入預測分別上調7.4%及5.7%,淨利潤預測上調8.6%及52.8%,維持“跑贏行業”評級,考慮到智能駕駛提升估值且車型週期向上,上調目標價46%至80港元。
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