金吾财讯 | 小鹏汽车(09868)早盘震荡上行，截至发稿，涨3.27%，报74.25港元，成交额7.12亿港元。招商证券分析指出，小鹏汽车历经两年的内部变革，体系成熟度显著提升。这一成果具体体现在新品成功率得以提高，产品周期变得更长且更为稳定。销量的爆发增长以及盈利状况的改善，将对其估值水平起到提升作用。该行预计，小鹏汽车这一轮强劲的产品周期会持续两年。在今年第一季度，小鹏将推出改款的 G6 与 G9 车型；第二季度，新款 G7 和 Mona03MAX 将上市；第三季度会发布 P7；第四季度增程车也将亮相市场，并且明年所有车型都计划推出增程版本。随着销量的快速攀升，小鹏汽车在年内有望实现季度盈亏平衡。
该行给予小鹏汽车 “增持” 评级，维持 92 港元的目标价。该行认为，当前市场对小鹏汽车仍存在较大预期差，小鹏汽车是行业首选标的之一，市场低估了智能驾驶浪潮对小鹏汽车的积极催化效应，一致预期有可能持续上调。
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