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《大行》招商證券:對理想(02015.HK)新產品i8有信心 維持「增持」評級
阿思達克 07-31 10:15
招商證券發表研報,指理想-W(02015.HK)(LI.US)發佈首款家庭六座純電SUVi8定價基本符合預期,油電同價超預期,又認爲市場對i8認知有偏差,消費者實際體驗後形成真正產品感知力,市場情緒將會改善。招商證券國際關注實際體驗後訂單趨勢,維持該股「增持」評級,港股目標價138港元,美股目標價36美元。 招商證券表示,理想汽車發佈i8共三個版本,Pro 32.18萬元人民幣(下同)、Max 34.98萬、Ultra 36.98萬元,較預售價低8%,預計8月20日開始交付。該行認爲i8產品亮點頗多,但短期股價反應負面大致源於:i8爲高端慢熱的產品,預計9月發佈的i6纔是純電系列真正走量產品,短期交付不會有強勁拉動效應。招商證券保守估計i8穩態月銷3,000至5,000輛。此外,該行又認爲,市場資金對i8預期過高,短期博弈導致股價波動。 招商證券持有與市場不同的觀點,認爲純電i系列並非理想投資價值的最大核心,增程的L系列的潛力仍巨大,體現在低線滲透和海外市場拓展,該兩因素至少能讓公司拓展30%至50%的潛在市場空間。因此該行認爲不必對公司過度悲觀,大幅回撤後是逐步長線買入機會。 招商證券又認爲,理想汽車潛在催化劑,i8在實際體驗後產品力會有更強感知,從而催化實際訂單,令市場對i8預期將見底回升。該行維持公司盈利預測不變,預期2024至2027年淨利潤(非通用會計準則)預測年均複合增長率達24.2%。給予該股估值相當於預測市盈增長率0.9倍,即預測2025財年非通用會計準則市盈率22倍。
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