《大行》中銀國際降理想汽車(02015.HK)目標價至128元 第三季指引偏弱
中銀國際發表研究報告指,理想汽車(02015.HK)(LI.US)第二季總收入按季增長16.7%至302億元人民幣,基本符合預期;非通用會計準則淨利潤按季增長43.8%至14.6億元人民幣,超出市場預期;主要得益於有效的降本保障整車毛利率的韌性,同時營運費用控制有效。但另一方面,因60天供應商賬期調整影響經營性現金流,導致該季度自由現金淨流出達到38億元人民幣。
該行表示,展望第三季,即使理想交付量指引9萬至9.5萬輛偏弱,但管理層預計綜合毛利率將基本與第二季持平,維持在19%至20%區間,好於該行早前預期。管理層強調當前公司首要任務是將交付規模恢復到正常水平,該行認為這主要取決於即將上市的i6車型以及銷售旺季的推動。
該行將理想2025至2026年銷量預測下調至45萬至65萬輛,將其港股目標價下調至128元,美股目標價降至32美元,維持「買入」評級。
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