大行評級|美銀:下調小鵬汽車目標價至39港元 但重申“買入”評級
美銀證券的研究報吿指,小鵬汽車次季收入按年升60%至81億元,整體毛利率按年升17.9個百分點至14%,勝該行預期。公司的海外銷售在次季達總銷量10%,料第三季可達15%,截至今年7月公司在30個海外市場有70間銷售店鋪,計劃在今年下半年將其海外銷售網絡增加一倍。該行指,管理層料第三季可出貨4.1萬至4.5萬輛,可錄得91億至98億元的帳面收入,而第三季的銷量增長主要受惠於MONA M03及出口。公司料今年第四季隨P7 Plus的推出可達新高,其整體毛利率在下半年維持10%至15%。
該行上調公司2024年至2026年的銷量預測分別3%、4%及5%,但輕微下調平均售價預測,因海外銷售上升而調高今年至2026年毛利率預測,料非通用會計原則虧損會在今明兩年分別擴大9%及36%,但2026年會收窄84%,目標價由49.5港元降至39港元,重申“買入”評級。
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