大行评级丨招证国际:下调小鹏目标价至92港元,看好物理AI领域潜在估值释放

格隆汇
Aug 26
招证国际发表报告指,小鹏第二季亏损13.37亿元,高于市场预期的7.19亿。公司指引三季度交付11.5万至12.1万辆、环比增加11.3%至17.1%。MONA L03订单强劲,但供应瓶颈制约产能爬坡。另外,小鹏机器人完成9亿美元首轮融资,投后估值超过63亿美元,已成为中国估值最高的具身智能独角兽。Robotaxi已完成超两千次内测订单,目标在2027年实现无安全员的载客运营。虽然公司汽车周期短期走弱,但该行仍看好公司物理AI领域具有巨大的估值释放潜力,维持“增持”评级,上调2026至28财年净亏损预测45%/133%/262%,反映三季度产品周期偏弱拖累业绩,以及新业务拓展令费用开支上升,分别下调H股及ADR目标价至92港元及24美元。

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