《大行報告》大和上調小鵬-W(09868.HK)目標價至31元 評級「沽售」
大和發表研究報告指,小鵬-W(09868.HK)將與德國大眾合作開發兩款新純電動汽車。雖然即將開發的新車將採用大眾品牌,但相信小鵬汽車可以通過合作將其在自動駕駛技術上的投資變現。該行預計,小鵬將向大眾收取每輛車8,000至1萬元人民幣的技術許可費,以提供後續的算法、數據訓練、汽車連接和更新服務。此外,大眾和小鵬汽車將在小鵬汽車的G9製造平台上開發新車。因此,該行料小鵬由2026年起將獲得額外的技術服務收入,並可能隨著大眾汽車銷量的增長而擴大。
該行引述據小鵬汽車指,集團將於下半年在內地50多個城市開放城市導航試點(NGP)。雖然G6自6月推出以來憑藉具吸引力的智能駕駛功能和硬件規格取得良好的銷售勢頭,但該行認為,由於下半年有更多電動汽車推出市場,競爭將會增加,料集團今年毛利率為6.9%,按年下降4.6個百分點,每輛車淨虧損5.8萬元人民幣。
該行將集團H股目標價由18元上調至31元,評級維持「沽售」。該行料集團面對行業競爭加劇,將降低新車售價以刺激銷售,因此將2023至25年的收入預期下調介乎10%至20%。
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