麥格理以Outperform評級開始對ZEEKR進行覆蓋

The current business model of ZEEKR, which involves outsourcing EV production, is seen as advantageous in the short term. Macquarie notes that while this strategy may limit profits due to the fees involved, it allows ZEEKR to benefit immediately without the financial burdens of establishing and maintaining its own production facilities. However, the firm also points out that in the long term, owning production facilities could yield greater economic benefits due to scale.

The Outperform rating reflects Macquarie's confidence in ZEEKR's potential to overcome challenges related to its complex corporate structure and the current low liquidity of its shares. According to Macquarie, the market has excessively penalized ZEEKR's stock for these factors. The firm believes that the stock's current valuation does not fully account for the company's growth potential in the premium BEV market.

ZEEKR's strategic position in the EV industry and its ambitious growth targets are central to Macquarie's positive outlook. The company's focus on the premium BEV market is expected to drive its expansion and increase its local market share.

Macquarie's coverage initiation and the accompanying price target highlight a positive view on ZEEKR's business trajectory and its ability to navigate the complexities of the EV market.