金吾财讯 | 小鹏汽车(09868)早盘股价强势，截至发稿，涨5.8%，报103.1港元，成交额7.19亿港元。消息面上，长江证券表示，公司智能驾驶持续领先，随着渠道变革和营销体系加强，叠加强势新车周期开启，公司销量快速提升。MONA M03 和P7+开启公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模式拓展以及出海持续增长，公司未来盈利具备较大弹性。预计公司2025 年收入为857 亿元，对应PS 1.8X，大众软件收入体现大幅改善财务表现，公司有望进入新车周期拐点，给予“买入”评级。花旗表示，鉴于小鹏汽车强劲的车型推出节奏以及在人工智能/机器人领域的持续投入，该行采用2.5倍的2025年预期市销率(P/S)倍数(较2年平均水平高出1个标准差;之前为1.9倍)，并将目标价53.30港元上调至113.00港元。基于2025年/2026年强劲的订单获取情况、新车型发布、2026年盈利好转以及人工智能/机器人领域潜在的额外增长驱动力，将评级上调至“买入”。
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