《大行報告》華泰證券升小鵬-W(09868.HK)目標價至92.46元 與大眾合作可增技術服務費收入
華泰證券發表研究報告指出,大眾和小鵬-W(09868.HK)達成戰略合作,將投資7億美元入股小鵬(每股15美元),在交易完成後將持有小鵬約4.99%的股權,是長期戰略合作關係。合作開發兩款電動車型,計劃2026年在內地上市。
該行估計,基於當前小鵬G6已開啟全國交付,扶搖架構+G6高性價比+智能化優勢,該行預期G6穩態月銷1萬輛,預計公司2023至2025年總銷量分別為16.6萬、29.8萬及39.5萬輛,疊加技術服務費收入,預計營收分別為405億、724億及984億元人民幣(下同),原預期為405億、714億及964億元。
此外,該行認為小鵬新增大眾合作業務,增加技術服務費等收入,預計小鵬2024及2025年技術服務費收入各為10億及20億元,2023至2025年各年虧損預測由原先85.7億、32.2億及6.2億元,調整至虧損85.7億、30.3億及1.78億元。維持對其「買入」評級,H股目標價由72.19港元上調至92.46港元。
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