大行評級丨美銀證券:預見小鵬下半年有強勁的產品線,維持買入評級
美銀證券發表報吿指,小鵬(9868.HK)首季收入65.5億元人民幣,按年升62%、按季跌50%,整體毛利率12.9%,按年升11.2個百分點、按季升6.7個百分點,超出該行預期的9.4%,主要因為開始確認與大眾合作G9的科技服務收入,推動整體毛利率提升。汽車利潤率5.5%,則低於該行估計的6%,主要受庫存撥備及P5購買承諾損失影響。non-GAAP淨虧損14.1億元人民幣,按年收窄36%、按季收窄20%,好過該行預期的虧損20億元人民幣。該行將其今年至2026年三年期間的銷量預測,分別下調13%、16%及15%,目標價由52.7港元下調至49.5港元,以反映最新的銷售及自由現金流預測,維持買入評級,因為預見下半年有強勁的產品線。
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