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《大行報告》瑞信下調小鵬汽車(XPEV.US)目標價至12.5美元 評級「跑贏大市」
瑞信發表報告表示,小鵬汽車(XPEV.US)去年第四季錄經營虧損按季擴大15%,大致符合市場預期,主因季內收益下降及汽車毛利率下跌所致。公司預期,今年首季交付量為1.8萬至1.9萬輛,按季跌14%至19%,按年則大降45%至48%,但意味3月份交付量按月升13%至29%,且新訂單亦較2月顯著強勁。 小鵬汽車維持今年度交付量按年升30%的目標不變,而且目標是在2023至2024年將汽車零部件成本削減25%,將自動駕駛相關零部件成本降50%,將有助提升其市場份額和毛利率復甦。 瑞信指,基於毛利率下降的預期,將小鵬汽車今明兩年每股盈測各下調10.1%至20.7%,該行對小鵬汽車(XPEV.US)目標價由13美元降至12.5美元,維持「跑贏大市」評級。
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