多家外資大行力挺小馬智行 看好其股價有望翻倍
據美國主流財經媒體CNBC於當地時間週一報道，高盛、美國銀行等多家外資大行近期陸續發佈研究報吿，對自動駕駛行業領軍企業小馬智行表示看好。報吿指出，在Robotaxi加速量產的支撐下，小馬智行股價未來可能出現顯著上升。
報道顯示，美國銀行在7月10日發佈的研究報吿中，給予小馬智行21美元的目標價，較其7月14日收盤價隱含約66%的上升空間。高盛的看升預期更為積極，其在7月8日的研報中將小馬智行目標價設定為26美元，暗示該公司股價存在翻倍潛力。
正值高盛、美國銀行等外資大行紛紛表達對小馬智行的樂觀預期之際，美國做空機構灰熊研究(Grizzly Research)近日發佈針對該公司的看空報吿，對其業績表現及估值等提出質疑。然而，市場投資者似乎將曾多次做空中概股且戰績不佳的灰熊研究報吿視作"反向指標"。在灰熊發佈看空報吿的當日，小馬智行股價大幅上升6%。此前，灰熊也曾發佈針對拼多多等中概股的做空報吿，但拼多多股價在報吿發布後也實現了大幅上揚。
與灰熊形成鮮明對比的是，包括美國銀行和高盛在內的外資大行對小馬智行的業績展望普遍持樂觀態度。根據金融數據提供商FactSet的調查，所有覆蓋小馬智行的分析師均給予其"買入"評級，其平均目標價隱含約68%的上升空間。
美國銀行分析師在研報中指出，小馬智行即將實現Robotaxi車隊的全面規模化擴張，未來一兩年內將提升其在中國一線城市的部署密度，此舉將有助於改善其盈利能力。高盛則強調，隨着車隊規模擴大帶動單車收入提升，搭載第七代系統的Robotaxi車型顯著降低單車成本，加之運營效率改善及軟件效能提升帶來的硬件成本進一步優化，多重因素將共同推動小馬智行在2026年全年實現單車毛利轉正，並有望在2027財年進一步提升。
小馬智行高管也在近期對外披露了Robotaxi的最新量產和路測進度。其聯合創始人、首席執行官彭軍週一在接受CNBC採訪時表示，近日，小馬智行搭載第七代自動駕駛系統的北汽極狐阿爾法T5 Robotaxi已在深圳啟動道路測試。繼廣汽埃安霸王龍Robotaxi在廣州和深圳兩地獲得智能網聯汽車道路測試牌照後，小馬智行第七代Robotaxi系列已有多個車型進入量產階段，並開啟公開道路測試。
該公司於今年4月上海車展期間正式發佈第七代自動駕駛系統。系統實現了三大核心突破：全球率先採用100%車規級零部件；系統總成本較前代降低70%；並採用平台化設計，可快速適配於多種車型。
彭軍介紹稱，2025年將是小馬智行的Robotaxi量產元年。"隨着第七代系統在成本效益方面取得顯著提升，公司正按計劃於年底前組建一支超千輛規模的車隊。這不僅將推動小馬智行自身業務的加速增長，也將為交通出行方式的變革注入強大動力，助力構建安全、高效、便捷的未來出行新生態。"
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
