大行評級|招商證券國際:上調小鵬汽車目標價至115港元 上調銷量預測 建議逢低吸納
招商證券國際發表報告指,小鵬汽車去年第四季淨虧損13.3億元,符合該行預期。總收入161億元,按年升23%。毛利率14.4%,按年升8.2個百分點。研發/管理費用率爲12.5%及14.1%,按年分別升2.4個百分點和跌0.7個百分點,研發費用上升由於加大新車型開發,管理費用增長由於銷量增加帶動加盟店傭金上升。現金充足,截止去年末在手現金420億元。
考慮產品週期強勁爆發,該行上調小鵬汽車2025至2026年銷量預測各9%和5%以及收入預測4%和7%,目標價由110港元上調至115港元,維持“增持”評級。公司業績會後股價下行,源於市場對公司新車型短期交付過度悲觀,以及獲利回吐的影響。該行預計公司從二季度開始交付能力/平均售價/毛利率有望持續上行,建議逢低吸納。
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