《大行報告》瑞銀:小鵬(09868.HK)新車G9與同業比無明顯競爭優勢 若競爭加劇估值將受壓
小鵬汽車-W(09868.HK)昨股價下挫11.6%後,今早股價跌3.8%最新報51.85元。瑞銀發表報告表示,小鵬正式發布中大型SUV新車G9,預計10月下旬開始交付,搭載800V超快充電的電池系統和更先進的城市導航導航(NGP),售價區間30萬至35萬元人民幣,但該行留意到要全數配備NGP、音樂座艙和4C快充的高端版本售價高達46萬元人民幣,或要選取附加支付的可選包。該行指可以理解為是公司於價格競爭力和潛在利潤的折衷,但儘管如此,以小鵬G9與同行模型相比,認為其沒有明顯的競爭優勢。
報告補充,小鵬G9定價和規格配置難以平衡,指G9的入門級版本570G為31萬人民幣,沒有高級駕駛輔助系統(ADA)功能,而二級版本570E售價33萬人民幣具有「XPilot ADAS」。該行相信相關售價及定位將與特斯拉Model Y和大眾ID.6. 相比,ModelY價格相近但略小,而ID.6加速較慢但比G9的5座便宜約5萬元人民幣,並提供7個座位。小鵬G9的650X在包括定價在內的許多方面都與蔚來-SW(09866.HK)ES7相當,儘管後者的平均月銷量僅為3,000輛。
該行指,小鵬目前的估值為預測今明兩年企業價值對收入各1.1倍及0.8倍,如果競爭進一步升級,認為估值存在一些下行風險。基於G9規格和定價,該行認為近期將月銷量限制在5,000輛,並認為小鵬汽車在銷量和利潤率前景方面仍面臨一些基本挑戰,維持對小鵬(XPEV.US)「中性」評級及目標價34美元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.