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《大行》招商證券國際降理想汽車(02015.HK)目標價至115元 新車真空期拖累業績
阿思達克 09-01 09:57
招商證券國際研究報告指,理想汽車-W(02015.HK)(LI.US)今年次季度業績低於預期,新車空窗期銷量增長乏力,但盈利能力穩中有升,純電新品i8交付順利,管理層預計截至9月底累計交付目標為8,000至10,000台,產能與供應鏈穩定性良好,i8市場接受度好於預期。 該行分別下調理想汽車2025至2027年淨利潤預測(非GAAP)48%、28%、25%,反映新品斷檔期盈利承壓。下調港股目標價至115港元、美股目標價至30美元,相當於2026財年19倍市盈率,相對公司歷史平均估值折讓27%。 招商證券國際表示,當前市場對公司產品週期過度悲觀,忽略公司精細管理提效能力,渠道下沉拓展空間以及海外拓展空間。公司有超過千億現金,有足夠源應對短期逆風。預計三季度是交付量低點,i6上市後將扭轉市場悲觀預期。建議逢低吸納,維持「增持」評級。
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