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《大行》花旗:小鵬(09868.HK)MONA M03 Max車型和售價符預期 料月銷量增至1.7萬至1.8萬輛
花旗發表報告指,小鵬汽車-W(09868.HK)(XPEV.US)推出MONA M03 Max(502/600公里續航版本),支持高端高級駕駛輔助系統(ADAS,包括高速公路+城市NOA),平均售價為12.98萬元/13.98萬元人民幣,並升級MONA M03 Plus(515/620公里續航版本),平均售價保持不變,為11.98萬元/12.98萬元人民幣。 該行認為,車型和平均售價的公布總體符合市場預期,預計MONA M03(Plus+Max)月銷量將從目前的約1.4萬輛,增至介乎1.7萬至1.8萬輛水平(大部分訂單將流向Max版本),考慮到以下因素:(1)M03 Max是同價位段內唯一提供高端ADAS功能(高速公路+城市NOA)的車型;(2)M03 Max(帶高端ADAS)與Plus版本的價格差異較小(最多1萬元人民幣),使得Plus版本吸引力較低;(3)比亞迪(01211.HK)、長安汽車(000625.SZ)、奇瑞、零跑(09863.HK)等近期對入門級車型發起的價格競爭,使價格未變的M03 Plus相較比亞迪/Galaxy車型競爭力下降。若無近期這輪降價,花旗認為M03車型的月銷量有可能挑戰2萬輛。 該行予小鵬美股目標價29美元,評級「買入」。
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