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小鹏汽车-W(09868):产品大年,受惠智驾普及,维持买入
BOCOM International· 2025-03-13 02:51
交银国际研究 公司更新 | 汽车 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 12 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 97.45 | 港元 134.69↑ | +38.2% | | | 小鹏汽车 (9868 HK) | | | | | | 产品大年,受惠智驾普及,维持买入 个股评级 买入 股份资料 | 52周高位 (港元) | 97.45 | | --- | --- | | 52周低位 (港元) | 26.05 | | 市值 (百万港元) | 150,811.67 | | 日均成交量 (百万) | 42.08 | | 年初至今变化 (%) | 108.90 | | 200天平均价 (港元) | 51.63 | | 资料来源 : FactSet | | 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 | 财务数据一览 | | | | | | | --- | --- ...
小鹏汽车-W:产品大年,受惠智驾普及,维持买入-20250313
交银国际证券· 2025-03-13 02:22
Investment Rating - The report maintains a "Buy" rating for the company, Xiaopeng Motors (9868 HK), with a target price of HKD 134.69, indicating a potential upside of 38.2% from the current price of HKD 97.45 [1][2][8]. Core Insights - The company is expected to benefit from the widespread adoption of intelligent driving technology, with a strong product lineup set to drive sales growth. The upcoming launch of the 2025 models G6 and G9 is anticipated to significantly enhance product capabilities and attract new orders [7]. - Xiaopeng Motors is projected to achieve a 133% year-on-year increase in sales in 2025, reaching 440,000 units, driven by a robust new vehicle cycle and competitive pricing strategies [7]. - The financial outlook has been revised upwards, with a 30.4% increase in the 2025 sales forecast, reflecting strong demand and improved profitability as new models are introduced [7]. Financial Overview - Revenue is expected to grow from RMB 26,855 million in 2022 to RMB 85,431 million in 2025, representing a compound annual growth rate (CAGR) of approximately 56.5% [6][11]. - Net profit is projected to improve from a loss of RMB 10,376 million in 2023 to a loss of RMB 630 million in 2025, with a return to profitability expected in 2026 with a net profit of RMB 1,431 million [6][11]. - The company’s gross margin is anticipated to increase from 11.5% in 2022 to 13.5% in 2025, reflecting improved operational efficiency and cost management [12].