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Geely’s (HK:0175) Zeekr is ramping better than expected, with JunQ units up 80% q/q to 27k units, potentially implying stronger MBLY SuperVision ramp for JunQ/SepQ with other Geely brands also ramping 2H23 and 1Q24 estimates.
Analysts wrote in a note, “Despite lower Zeekr volumes in 2023E, we continue to see MBLY targeting >1M units of SuperVision by 2026E, with near-term ramps of Geely and Polestar, which could help drive ASP to $300 from ~$1600 in 2022.”
Mizuho raised their JunQ revenue estimates to $459 million (From $442 million), compared to the consensus estimate of $453M. JunQ EPS estimates remain at $0.14, above the consensus estimate of $0.12. SepQ revenue and estimates were raised to $551M and $0.17 (From $535M and $0.16), ahead of consensus estimates at $550M and $0.16. Full-year 2024 estimates were unchanged at $2.90B and $0.89.
Analysts added that they believe “MBLY should trade above peers such as TSLA and AMBA, and more in line with high-performance compute disruptor NVDA, due to its similar GM profile and growth trajectory.”
Shares of MBLY are up 2.57% in early trading on Monday.
