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Improving Auto Supply Chains & Multiple New Product Launches Remain Tailwind For Mobileye: Analyst

Improving Auto Supply Chains & Multiple New Product Launches Remain Tailwind For Mobileye: Analyst

分析师：改善汽车供应链和推出多款新产品仍然是Mobileye的利好因素
Benzinga Real-time News ·  2022/12/16 14:02
  • Mizuho analyst Vijay Rakesh maintained Mobileye Global Inc (NASDAQ:MBLY) with a Buy and raised the price target from $35 to $40.
  • Rakesh updated MBLY estimates post the company reported an inline September quarter and guided to an above-consensus December quarter top-line of $536 million, implying revenue growth of 51% Y/Y.
  • Rakesh believed MBLY saw an upside from its SuperVision platform with ramps at Zeekr in 2022 and potentially Geely Automobile Holdings Ltd (OTC:GELYF) (OTC:GELYY) in 2023E.
  • Rakesh expected gross margins to decline in 2023E as MBLY ramps lower-margin, much higher ASP, and new Consumer AV (Chauffer).
  • IHS released its updated C23E LVP estimates of ~85 million, up slightly from the prior November estimate of ~84.5 million, indicating 4% Y/Y growth after the expected 6% Y/Y growth in C22E.
  • Rakesh was more cautious on 2023E LVP as the analyst saw the U.S. and global consumer weaker against a backdrop of increasing rates, with auto loan rates ranging from 7.5% to 12%+ impacting affordability and leading to dropping lead times, higher dealer incentives, and MSRP premiums dropping.
  • While 2023 could see Auto headwinds with a stretched consumer, improving Auto supply chains and multiple new product launches for MBLY could remain a tailwind.
  • Despite macro headwinds, Rakesh saw MBLY well-positioned as the market leader in ADAS solutions.
  • It has a 70% share and relatively less exposure to potential broader LVP weakness, as key front-camera ADAS take rates at ~50% + continue to grow with improved overall ADAS demand and stricter safety regulations.
  • Rakesh believes MBLY continues to see a substantial upside as it continues to ramp with Geely's Zeekr unit while also picking up three additional premium design wins at Geely.
  • The analyst believes MBLY could see 2023-24E volume ramps at Honda Motor Company, Ltd (NYSE:HMC), Bayerische Motoren Werke AG (OTC:BMWYY), and Toyota Motor Corp (NYSE:TM).
  • Price Action: MBLY shares traded lower by 3.77% at $33.20 on the last check Friday.
  • Photo Via Company
  • 瑞穗分析师Vijay Rakesh坚持认为Mobileye全球公司(纳斯达克：MBLY)和买入，并将目标价从35美元上调至40美元。
  • Rakesh在公布9月季度业绩后更新了MBLY预期，并将12月季度的营收指引至5.36亿美元，高于共识，这意味着收入同比增长51%。
  • Rakesh认为，MBLY看到了其监管平台在2022年在Zeekr设置坡道的好处，并有可能吉利汽车控股有限公司(场外交易：GELYF)(场外交易：GELYY)2023年
  • Rakesh预计2023年毛利率将下降，因为MBLY推出了更低的利润率、更高的ASP和新的消费者AV(司机)。
  • IHS发布了最新的C23E LVP估计为约8500万英镑，略高于11月份之前估计的约8450万英镑，表明在C22E预期同比增长6%之后，同比增长4%。
  • Rakesh对2023年E LVP持更为谨慎的态度，因为这位分析师认为，在利率上升的背景下，美国和全球消费者疲软，汽车贷款利率从7.5%到12%以上影响了人们的负担能力，并导致交付期缩短，经销商激励措施增加，MSRP保费下降。
  • 虽然2023年汽车行业可能面临消费者捉襟见肘的逆风，但改善汽车供应链和推出多款新产品仍可能是MBLY的顺风。
  • 尽管面临宏观逆风，Rakesh认为MBLY作为ADAS解决方案的市场领先者处于有利地位。
  • 它拥有70%的份额，相对较少受到潜在的更广泛的LVP弱点的影响，因为随着整体ADAS需求的改善和更严格的安全法规，关键的前置相机ADA费率在~50%以上继续增长。
  • Rakesh认为，随着MBLY继续与吉利的Zeekr部门保持增长，同时还在吉利获得另外三项高端设计奖项，MBLY将继续看到巨大的上行空间。
  • 该分析师认为，MBLY的销量可能会在2023-24年间增长本田汽车有限公司(纽约证券交易所代码：HMC)，巴伐利亚汽车工业股份公司(场外交易：BMWYY)，以及丰田汽车(纽约证券交易所市场代码：TM)。
  • 价格行动：在周五的最后一次检查中，MBLY的股价下跌了3.77%，至33.20美元。
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