《大行報告》中金:小鵬-W(09868.HK)G6官方價格降幅超出預期 料交付量逐季上升
中金發表研究報告指,小鵬汽車(09868.HK)於6月9日啟動「G6」車型的預售,截至6月28日預售訂單已突破3.5萬輛,該車型已於6月29日正式上市及交付,每輛零售價介乎20.99萬至27.69萬元人民幣,定價較小鵬G9低,超出市場預期。
該行相信,零售價低於預期,將帶來更多的新訂單和較高的預售轉化率,相信憑藉該車型在技術和價格方面的競爭優勢,將可迅速成為20萬至30萬元人民幣售價的B級電動SUV中最暢銷車型之一,預計今年全年交付量將突破1萬輛,帶動公司銷量及現金流等財務指標改善。
中金預計小鵬下半年每月總銷量將逐步達到1.5萬輛至2萬輛,料交付量逐季上升,毛利率逐步穩定,現金流逐季改善,估計公司將在其技術專長和基於平台的開發的支持下,實現降低成本的目標,維持「跑贏行業」評級。
考慮到產能提升,中金維持小鵬今年收入預測,上調小鵬2024年收入預測11.6%至772億元人民幣,目標價上調22%至55元。
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