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《大行報告》美銀證券:理想汽車(LI.US)上季業績勝預期 評級「買入」
美銀證券發表報告指,理想汽車(LI.US)上季純利2.57億元人民幣,按季轉虧為盈,表現勝預期,主要由於營業費用改善。整體毛利率按年下降2.4個百分點至20.2%,低於該行預期的21.7%,而車輛毛利率按年下降2.3個百分點至20%。 報告指,理想汽車今年目標是在30萬至50萬人民幣的高端SUV市場中佔有20%市場份額。第一季交付量指引為5.2萬至5.5萬輛,按年增長64%至73%。同時目標在今年實現20%以上的毛利率。 該行預計理想汽車年今年將實現通用會計準則(GAAP)盈利。美股目標價維持34美元,評級「買入」,以反映公司強勁的型號管線,更好的毛利率管理,以及比其他中國電動車同行更強的自由現金流量。
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