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《大行》瑞銀料小米YU7今明兩年銷量分別達8.5萬和43萬台 投資者對特斯拉供應鏈憂慮過度
瑞銀發表報告,小米-W(01810.HK)YU7在6月26日開放預訂後,第一個小時預訂量就達到28.9萬台,引起了市場對同業可能失去市場佔有率,以及對供應鏈影響的關注。在投資人爭論小米YU7的直接競爭對手是誰的時候,被提及最多的車型是特斯拉(TSLA.US)Model Y、理想-W(02015.HK)L6、小鵬(09868.HK)G9、極氪(ZK.US)7X、問界M7、奧迪Q5、寶馬X3和奔馳GLC。 瑞銀預期,小米將成為供應商的重要客戶,並相信投資者對汽車供應商盈利影響的過度憂慮。在小米的供應鏈中,看好拓普集團(601689.SH)和德賽西威(002920.SZ)。對於大多數特斯拉供應商而言,該行估計小米YU7的訂單可以在很大程度上彌補特斯拉Model Y可能出現的銷量下滑對營收和淨利的影響。 在基本情況下,瑞銀假設小米YU7在2025及2026年的銷量分別達到8.5萬及43萬台;YU7 30%、15%及15%的銷量來自原本可能成為特斯拉Model Y、理想L6及問界M7的客戶;小米YU7訂單的淨利潤率比汽車零件公司的整體淨利潤率低2%。
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