《大行報告》招商證券上調小鵬(09868.HK)目標價至130元 評級「增持」
招商證券發表報告指,小鵬(09868.HK)與大眾汽車達成長期戰略合作,將更大程度催化小鵬估值提升,令中長線基本面確定性提升。目標價由88元上調至130元,維持「增持」評級。
小鵬開創造車新勢力技術輸出的先河,向全球最大汽車製造商之一輸出技術並獲得具有持續性的技術服務費,是其技術實現商業化的開端。更重要的意義在於公司獲得全球汽車巨頭對其技術成熟度和領先優勢的認可,此將極大提升小鵬汽車在全球範圍內的品牌影響力。
該行指,未來公司軟件OTA將覆蓋小鵬及大眾合作車型,XNGP有機會導入大眾車型,將加速公司高階智能駕駛技術成熟,加大公司智駕領域領先優勢。資金注入方面,大眾入股給公司帶來更多資金支持,為公司後續發展及技術研發打下堅實基礎。而雙方未來仍有更深入合作的空間,未來除了在G9平台相關車型外的供應鏈方面均有較強協同效應。
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