智通财经APP获悉，高盛发布研报称，维持小鹏汽车-W(09868)“中性”评级，目标价由50港元升至57港元。小鹏汽车去年末季交付9.2万辆新能源乘用车，同比增52%，按季增97%，在内地新能源乘用车市占由对上一季的1.5%升至2.4%，主要受MONAM03及P7+所推动。
该行料小鹏去年末季收入160亿元人民币(下同)，同比增23%，按季增59%。该行料规模经济扩张可抵销MONAM03定价较低的影响;并料末季毛利达22亿元，同比增169%，按季增41%。毛利率料达13.5%，同比增7.3个百分点，按季则降1.7个百分点。该行料小鹏末季EBIT亏损20亿元，料non-GAAP净亏损14亿元。该行降小鹏2024及2025年non-GAAP纯利预测分别2%至6%，以反映Mona销售占比增加拉低毛利率，但升non-GAAP纯利预测2%，以反映经营杠杆利好。
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