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《大行報告》花旗一舉將小鵬-W(09868.HK)評級降至「沽售」 目標價大削至12.42元
花旗發表研究報告指,小鵬-W(09868.HK)的車型週期在2023年將面臨嚴峻挑戰,而其近期因銷售和訂單量不佳而導致市場份額損失正正預示了這一點。該行指,在投資資本回報率(ROIC)為1.2%的預測下,集團至少要到2026年才能在純利上達到收支平衡。 報告提到,由於G9/P7的訂單量不理想,P5/G3的定價策略屬於非競爭性,加上來自同行的競爭更加激烈,該行將小鵬2022至24年各年銷量預測分別下調至12萬、15.5萬及20.1萬輛,而收入預測則分別為264億元人民幣(下同)、395億元、及486億元。對於今年第四季,該行料其銷量為2.14萬輛,按季下跌28%。 該行又將2022至24年的毛利率及息稅前利潤利潤率預測分別下調至11.9至20%,和負39%;期內的淨現金下降至365億、299億、及230億元。該行一舉降小鵬H股評級由「買入」下調至「沽售」,目標價由107.17港元大削至12.42港元。
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