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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

分析師：改善汽車供應鏈和多個新產品發布仍然是 Mobileeye 的順風
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
  • 瑞穗分析師Vijay Rakesh堅持認為Mobileye全球公司(納斯達克：MBLY)和買入，並將目標價從35美元上調至40美元。
  • Rakesh在公佈9月季度業績後更新了MBLY預期，並將12月季度的營收指引至5.36億美元，高於共識，這意味著收入同比增長51%。
  • Rakesh認為，MBLY看到了其監管平臺在2022年在Zeekr設置坡道的好處，並有可能吉利汽車控股有限公司(場外交易：GELYF)(場外交易：GELYY)2023年
  • Rakesh預計2023年毛利率將下降，因為MBLY推出了更低的利潤率、更高的ASP和新的消費者AV(司機)。
  • IHS發佈了最新的C23E LVP估計為約8500萬英鎊，略高於11月份之前估計的約8450萬英鎊，表明在C22E預期同比增長6%之後，同比增長4%。
  • Rakesh對2023年E LVP持更為謹慎的態度，因為這位分析師認為，在利率上升的背景下，美國和全球消費者疲軟，汽車貸款利率從7.5%到12%以上影響了人們的負擔能力，並導致交付期縮短，經銷商激勵措施增加，MSRP保費下降。
  • 雖然2023年汽車行業可能面臨消費者捉襟見肘的逆風，但改善汽車供應鏈和推出多款新產品仍可能是MBLY的順風。
  • 儘管面臨宏觀逆風，Rakesh認為MBLY作為ADAS解決方案的市場領先者處於有利地位。
  • 它擁有70%的份額，相對較少受到潛在的更廣泛的LVP弱點的影響，因為隨著整體ADAS需求的改善和更嚴格的安全法規，關鍵的前置相機ADA費率在~50%以上繼續增長。
  • Rakesh認為，隨著MBLY繼續與吉利的Zeekr部門保持增長，同時還在吉利獲得另外三項高端設計獎項，MBLY將繼續看到巨大的上行空間。
  • 該分析師認為，MBLY的銷量可能會在2023-24年間增長本田汽車有限公司(紐約證券交易所代碼：HMC)，巴伐利亞汽車工業股份公司(場外交易：BMWYY)，以及豐田汽車(紐約證券交易所市場代碼：TM)。
  • 價格行動：在週五的最後一次檢查中，MBLY的股價下跌了3.77%，至33.20美元。
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