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《大行》花旗:YU7發布不利特斯拉(TSLA.US)及小鵬(09868.HK) 料或進一步減價
花旗發表報告指,小米(01810.HK)昨日(26日)發布電動車型YU7,定價符合預期,YU7 Pro版應是最具吸引力的車型,其價格僅比標準版高2.6萬元人民幣(下同),但配備了空氣懸架和四輪驅動。現有未交付的SU7客戶可在3天內轉換至YU7,預計約50%的SU7 Max訂單將轉向YU7 Pro,30%至40%的SU7 Pro訂單將轉向YU7標準版。 該行認為,YU7訂單表現強勁,若無產能限制,預計YU7成熟月銷量可達6萬至8萬輛,將大幅提升小米電動車的利潤率可見度。YU7除對小米構成正面影響,對相關供應商如禾賽科技(HSAI.US)、寧德時代(03750.HK)和英偉達(NVDA.US)亦為利好,但就對特斯拉(TSLA.US)及小鵬(09868.HK)帶來負面影響,對理想(02015.HK)亦有輕微負面影響。 此外,該行指特斯拉作為主要競爭對手,預計可能會進一步減價,FSD功能可能免費提供,零息貸款期限或延長至7年,並提供更多禮品和融資優惠。另外,由於YU7吸引更多關注,小鵬G7的定價可能下調至21萬元,以保持競爭力並吸引更多關注。同時預計YU7不會對理想i8產生影響,但會影響i6,i6的定價可能需設定在25萬元左右,或導致L6降價,以避免內部競爭。
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