《大行》星展降小鵬(09868.HK)目標價至118元 首季業績勝預期
星展發表研究報告指,小鵬(09868.HK)(XPEV.US)首季業績勝於市場預期,收入按年升142%,毛利率增至15.6%,non-GAAP淨虧損收窄至4.3億元人民幣。由於產品組合及成本改善,預計今明兩年的汽車利潤率將分別達到12%和14%,高於2024財年的8.3%,並料銷量分別約為40萬及53.8萬輛。
該行表示,由於小鵬首季業績勝於預期,將其今年淨虧損預測減少約12%,惟考慮到關稅影響,將其目標價由126元下調至118元,續予「買入」評級。
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