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《大行報告》大和下調小鵬汽車(09868.HK)目標價至18元 評級「沽售」
大和發表研報指,小鵬汽車(09868.HK)(XPEV.US)首季業績表現令人失望,新車銷售由盈轉虧,雖然管理層承諾會於明年底前提高盈利能力,但考慮到新能源汽車市場競爭加劇,加上行業銷售增長放緩,對公司盈利能力持保守看法。 大和預計小鵬第二季銷量料將繼續低迷,維持於約2.1萬輛,在新車型的推動下6月起銷量將開始回升,公司或將透過使用集成壓鑄件降低成本,並會在內地三、四線城市增設門店來擴大銷量。 該行重申「沽售」評級,目標價由32元降至18元,並將今明兩年收入預測下調1%至9%,今年全年新車銷量預測下調至13.6 萬輛,毛利率預測則下調至13.2%。
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