大行評級|大和:下調小鵬汽車目標價至8.9美元 重申“買入”評級
大和發表研究報吿指,小鵬汽車今年第二季毛利率持續改善,汽車毛利率提升至6.4%,對比去年同期為負8.6%,服務毛利率則按季持平達到54.3%,季度總收入按年增長60%至81億元,主要受到期內汽車銷量及產品均價雙雙提升,以及服務業務增長所推動。
大和表示,小鵬上半年銷量表現較競爭對手相對為弱,加上考慮到歐盟可能對其出口產品加徵關税,以及新車交付較預期慢,因此將今明兩年收入預測下調8%至27%,銷量預測分別下調22%和38%。 管理層透露下半年將有兩款新產品登場,小鵬M03預期將於8月開始啟動交付,公司並有計劃在第四季推出搭載新一代ADAS的新車型P7+。
大和重申“買入”評級,預期小鵬將持續推進ADAS技術創新,來實現產品差異化,但目前為止ADAS對汽車銷售和汽車毛利率的正面影響有限,美股目標價從11美元降至8.9美元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.