大行評級丨建銀國際:上調零跑汽車目標價至86.1港元 上調2025及26年盈利預測
建銀國際發表研究報告指,零跑汽車今年首季純利改善,由對上一季的約8000萬元增至期內約1.3億元,淨利潤率爲1.3%,毛利率14.9%,逼近集團全年目標10%至15%的上限。業務方面,該行預期每月銷量可維持4萬到5萬輛,受惠於政府的以舊換新補貼。而該行渠道消息指有關補貼可能會延續到2026年。另外,海外銷售是潛在的增長點之一。集團於去年下半年起開始建立歐洲及南亞市場,海外擴張進展順利,將有更多車型交付。
該行維持對2025及26年的銷量預測不變,分別爲50.4萬輛及70萬輛,上調盈利預測至3.88億及16.43億元,以反映生產效率更高,以及新車型所帶動的海外消費潛力增加;目標價由73.2港元上調至86.1港元,維持“跑贏大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.