【券商聚焦】美银削小鹏汽车(09868)目标价6% 指整车利润率低于预期_老虎社区_美港股上老虎

【券商聚焦】美银削小鹏汽车(09868)目标价6% 指整车利润率低于预期

金吾财讯05-22

金吾财讯 | 美银发表研报指，小鹏汽车(09868)今年首季经调整净亏损14.1亿元人民币，优于该行预期的20亿人币亏损。整体毛利率按年增11.2百分点、按季增6.7百分点至12.9%，优于该行预期的9.4%，主要是由于小鹏开始确认来自与大众汽车合作G9车型的技术服务收益，带动其他收入的毛利率达到54%，高于该行预期的35%。但整车利润率仅5.5%，低于预期的6%，原因是P5相关的库存拨备和采购承诺损失。该行指，将小鹏2024-2026年销售量预测分别下调13%/16%/15%，但将经调整净亏损预测下调21%/58%/58%，以反映毛利率前景趋明朗。考虑到集团下半年的产品线强劲，重申“买入”评级，惟目标价由52.7港元下调6%至49.5港元。

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·05-22
下调目标价是对的，其实应该下调评级
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content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】美银削小鹏汽车(09868)目标价6% 指整车利润率低于预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2024-05-22 11:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | 美银发表研报指，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>(09868)今年首季经调整净亏损14.1亿元人民币，优于该行预期的20亿人币亏损。整体毛利率按年增11.2百分点、按季增6.7百分点至12.9%，优于该行预期的9.4%，主要是由于小鹏开始确认来自与大众汽车合作G9车型的技术服务收益，带动其他收入的毛利率达到54%，高于该行预期的35%。但整车利润率仅5.5%，低于预期的6%，原因是P5相关的库存拨备和采购承诺损失。该行指，将小鹏2024-2026年销售量预测分别下调13%/16%/15%，但将经调整净亏损预测下调21%/58%/58%，以反映毛利率前景趋明朗。考虑到集团下半年的产品线强劲，重申“买入”评级，惟目标价由52.7港元下调6%至49.5港元。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20200915/MGYzMDMzNGFiY2IxZDI0MzU2YTQ4NTEzZTUyODAwMDc0ODA2MTY2.jpg","relate_stocks":{"XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"1937276","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2437628547","content_text":"金吾财讯 | 美银发表研报指，小鹏汽车(09868)今年首季经调整净亏损14.1亿元人民币，优于该行预期的20亿人币亏损。整体毛利率按年增11.2百分点、按季增6.7百分点至12.9%，优于该行预期的9.4%，主要是由于小鹏开始确认来自与大众汽车合作G9车型的技术服务收益，带动其他收入的毛利率达到54%，高于该行预期的35%。但整车利润率仅5.5%，低于预期的6%，原因是P5相关的库存拨备和采购承诺损失。该行指，将小鹏2024-2026年销售量预测分别下调13%/16%/15%，但将经调整净亏损预测下调21%/58%/58%，以反映毛利率前景趋明朗。考虑到集团下半年的产品线强劲，重申“买入”评级，惟目标价由52.7港元下调6%至49.5港元。","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}