《大行》匯豐研究降理想(02015.HK)目標價至142元 續籲「買入」
匯豐研究發表報告指,理想-W(02015.HK)(LI.US)首季利潤率展示韌性,儘管因季節性銷量較低,毛利率仍維持於20.5%。預期次季毛利率或略為下跌,因4月份推出舊車型去庫存折扣,但部分可能被新款L系列產品的增長及推出MEGA家庭版所抵消。
基於競爭加劇、部分板塊增長疲弱,以及消費者換車意欲較低,該行將2025及26年的銷量預測分別下調17%及11%,但料L系列更新可帶動銷量按月有所改善。至於下半年,BEV產品周期有助推動銷量增長,料BEV在2025年下半年對增長的貢獻將更顯著,而更完整的BEV產品組合及產能提升將支持2026年增長。
該行將2025及26年盈利預測分別下調17%及13%,基於銷量預期較低;港股目標價由150港元降至142港元,美股目標價由38.5美元降至36.5美元,維持「買入」評級。
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