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《大行》摩通:零跑(09863.HK)首季業績勝市場預期 重申「增持」目標價90元
摩根大通發表報告指,零跑汽車(09863.HK)首季業績大致符合該行預期,且優於市場預期的4.6億元人民幣(下同)虧損。儘管首季受到行業性疲軟、原材料價格上漲及競爭激烈影響,公司仍展現出審慎的成本控制能力,並交出創紀錄的海外表現。管理層在業績電話會議上態度樂觀,重申2026財年100萬輛銷售的雄心目標。該行表示,零跑汽車第二季銷量指引介乎24萬至25萬輛,相...
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《大行》摩通:零跑(09863.HK)首季業績勝市場預期 重申「增持」目標價90元
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摩根大通發表報告指,零跑汽車(09863.HK)  -3.540 (-7.828%)    Short selling $356.05M; Ratio 30.203%   首季業績大致符合該行預期,且優於市場預期的4.6億元人民幣(下同)虧損。儘管首季受到行業性疲軟、原材料價格上漲及競爭激烈影響,公司仍展現出審慎的成本控制能力,並交出創紀錄的海外表現。管理層在業績電話會議上態度樂觀,重申2026財年100萬輛銷售的雄心目標。

該行表示,零跑汽車第二季銷量指引介乎24萬至25萬輛,相當於按季增長約120%,展現出中國電動車企中最強勁的動力,主要受惠於A10及B19型號的訂單勢頭、即將推出的D99 MPV,以及現有車型的改款。摩通認為,這預示公司正進入強大的產品週期及增長拐點。海外擴張方面,憑藉全球超過1,000個銷售網點,管理層有信心達到15萬輛出口目標的上限,且收購Stellantis(STLA.US)      西班牙工廠的進度仍然處於正軌。

摩根大通維持零跑汽車「增持」評級,目標價90港元。該行維持2026年95.5萬輛的銷量預測,按年增長60%,並預計第二季將恢復盈利。雖然原材料通脹仍是全年利潤率的關鍵變數,但該行維持2026財年淨利潤預測為26億元,意味按年升384%。(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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