研報掘金|招商證券:上調小鵬汽車目標價至45港元 產品結構改善
招商證券發表報吿指,小鵬汽車首季虧損大幅收窄,產品結構改善拉昇銷售均價,服務收入增長改善毛利率。管理層指引第二季交付料2.9萬至3.2萬部,對應5至6月平均交付各1.1萬部。
報吿指,新系列車型MONA將在6月發佈並在三季度規模化交付。憑藉成本控制導向的研發,預計MONA毛利率將超過X9,對公司銷量與盈利能力顯著拉昇。此外第四季公司將發佈全新B級轎車F57。從第三季開始公司將逐季度推出搭載最新硬件方案的新車型及改款車型,銷量及毛利水平有望持續改善。下半年公司將持續拓張海外銷售網絡,預計第二季海外銷量佔比將達到10%。
招商證券上調小鵬汽車2024至2026年收入預測各3%、3%及2%,調低虧損額預測各16%、23%及34%,反映公司內部改革後降本效果,以及技術輸出帶來持續性的盈利貢獻。該行維持“增持”評級,目標價由41港元升至45港元。
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