《大行報告》大摩上調「蔚小理」目標價 評級維持「增持」
摩根士丹利發表研究報告指,上半年市埸低迷氣氛已成為過去,在銷量持續上升、政策利好及自動駕駛技術變現的支持下,見到中國電動汽車企業迎來潛在重新評級的機會,預期銷量有望持續改善,當中三大巨頭「蔚小理」在新車型周期的推動下,股價料將上升。
該行下調小鵬汽車(09868.HK)(XPEV.US)及蔚來汽車(09866.HK)(NIO.US)今年度銷量及利潤率預測,以反映下半年推出新車型的銷情或未如預期中熱烈,全年出貨量預測分別下調15%及24%,至13.2萬及17.5萬輛;而理想汽車(02015.HK)(LI.US)的出貨量預測則獲上調17%至35萬輛。
大摩指出,電動汽車仍是中國戰略發展重心之一,雖然目前依然預計宏觀環境前景較疲弱,但當局發布的促進汽車消費指導文件有助奠定下半年行業發展基礎。大摩又認為,雖然「蔚小理」股價年初至今累計升幅介乎35%至96%,但估值水平尚未完全反映出下半年復甦前景,自動駕駛技術的長期變現機會亦未充分獲認知。
大摩預期理想汽車今年將錄得盈利,港股目標價升至207港元,美股目標價升至53美元。小鵬汽車港股及美股目標價分別調升至99港元及25.4美元。蔚來汽車港股及美股目標價則上調至146港元及18.7美元。全數維持「增持」評級。
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