核心观点：
1、在特斯拉高股价的带动下，资本市场对新造车势力的投资意愿高涨。
2、高估值下，投资人应该意识到，小鹏汽车未来的发展还面临很多不确定性。
3、由于研发支出较高，技术研发的进展状况将直接影响小鹏汽车未来的经营表现。
资本市场对新造车势力的投资意愿高涨。
小鹏汽车再次上调IPO定价。
8月8日，小鹏汽车正式向美国证监会提交IPO文件，拟于8月27日纽交所上市，股票代码为“XPEV”。
据小鹏汽车的招股书显示，2019年小鹏汽车的营业收入为23.2亿元人民币，全年净亏损36.9亿元。2020年上半年收入10.0亿人民币，较之于去年同期的12.3亿下滑18.5%。毛利率方面，小鹏汽车毛利率为-3.6%。虽然亏损相较2019年同期有所收窄，但表现仍略逊色于蔚来和理想汽车，后者毛利率都已转正，分别为8.4%和8.0%。
在特斯拉高股价的带动下，资本市场对新造车势力的投资意愿高涨。
截至美东时间8月26日，蔚来和理想汽车近5日涨幅已分别高达45%和55%，市值也都分别达到了241.5亿美元和197.7亿美元的历史高点。特斯拉股价单日大涨6.43%，报收于2153.2美元，市值突破4000亿美元。
8月27日，即使运营表现并不突出，小鹏亦将发行股价区间从原来的11美元到13美元增加到了15美元。知情人士称，目标价格调高主要是因为投资人需求强劲。以当前定价，小鹏可以通过IPO募集到约15亿美元，总估值近110亿美元。
在高估值下，投资人应该意识到，小鹏汽车未来的发展还面临很多不确定性。
汽车产业的规模经济效应对于降低成本、实现盈利至关重要。2020年上半年，小鹏汽车累计销量同比大幅缩减。对于新造车企来说，上量是收窄亏损的按钮，反之，缺乏规模效益意味着企业需要承担更高的生产和运营成本。
制表人/亿欧汽车行业分析师 朴正浩
其次招股书中显示，今年上半年小鹏汽车的研发开支从2019年占总收入的89.2%下降到了62.9%。 核心技术方面，小鹏汽车目前还不掌握电池和半导体技术，完全依赖于供应商。
此次募资过后小鹏汽车计划加大研发力度，除了推动新车型的研发外，还计划投入自身电池和半导体的研发。自动驾驶方面，小鹏汽车计划最早于2021年推出“全自动高速导航领航” XPILOY 3.0。另外，市场激烈竞争风险不可忽视，需要持续关注小鹏汽车后续新产品和新服务竞争力及增量表现。
由于研发支出较高，技术研发的进展状况将直接影响小鹏汽车未来的经营表现。
本文来源于亿欧，原创文章，作者：郭雄啸。转载或合作请点击转载说明，违规转载法律必究。
原创文章，作者：cesifu，如若转载，请注明出处：http://www.cesifu.com/article/76652.html
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