《大行》交銀國際降理想汽車(02015.HK)目標價至80.84元 維持「中性」評級
交銀國際發表報告指,理想汽車(02015.HK)(LI.US)第2季收入和盈利大致符合預期,但第3季指引遜預期。公司指引第3季收入248億至262億元人民幣,車輛交付量9萬–9.5萬輛,按季明顯下滑。按此區間推算,第3季月均銷量約3萬-3.2萬輛,明顯低於該行與市場此前預期,表明短期需求依然承壓。維持「中性」評級,下調銷量和盈利預測。
該行銷量預測由56萬輛下調至44萬輛,較2024年降12.3%,主要反映對L系和純電新車型銷量預測的下調。理想H股目標價由103.7港元降至80.84港元,理想美股目標價由26.6美元降至20.8美元。該行認為,當純電新車銷量超預期時,市場或才會考慮公司價值的重估。
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