大行評級|大華繼顯:上調小鵬汽車目標價至150港元 銷售有望受強勁產品週期帶動
大華繼顯發表研究報告,指小鵬汽車去年第四季業績好過預期,未來銷售有望受到強勁的產品週期帶動。考慮利潤率預測獲上調,該行將其今年虧損預測下調20%至15.91億元,並上調明年的純利預測70%至10.98億元,同時引入2027年純利預測達52.73億元。該行將公司目標價由110港元上調至150港元,維持“買入”評級。該行指,公司管理層對今年首季的交付量指引爲介乎9.1萬輛至9.3萬輛,收入指引爲150億元至157億元。該行維持今明兩年的交付量預測,分別爲40萬輛及50萬輛,而2027年交付量預測爲65萬輛,意味三年年均複合增長率爲51%。另外,該行上調今明兩年的平均售價預測分別2%及4%,至18.6萬元及18.1萬元,並引入2027年的平均售價預測爲17.5萬元;另上調今明兩年毛利率預測,由原先分別12.3%及12.9%,上調至各13.3%及14.7%。
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