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Daiwa Capital:蔚來股價未到頂
uSMART盈立智投 12-16 19:35

Daiwa Capital分析師Kelvin Lau予蔚來(NIO.US)“買入”評級,目標價59美元。

蔚來瞄準新能源汽車的高端市場,採取了與特斯拉(TSLA.US)類似的措施。這個細分市場的競爭沒有那麼激烈,客戶也更願意爲智能汽車技術和售後服務付費。今年迄今,該股漲幅超1000%,但Lau認爲該股還未到頂。

Lau表示,蔚來於2020年中推出的ES6,已經證明瞭公司有能力與特斯拉等國際品牌的車型展開競爭,即使其價格比特斯拉的Model 3高出10萬元人民幣。

該分析師闡明道,儘管特斯拉計劃明年在中國推出Model Y,這將是與蔚來ES6更直接的競爭,但相信ES6憑藉其售後服務(包括換電、移動充電和維修服務)能維持良好的銷量。

據蔚來公佈的11月汽車交付量數據,今年1-11月累計交付3.67萬輛汽車,同比增長111%,成爲中國十大最暢銷新能源汽車製造商之一。考慮到中國對豪車的強勁需求,純電動車銷量的激增以及蔚來的創新車型(NIO Pilot、NOMI),Lau認爲這樣的增速將延續下去。

不過,蔚來的看空者指出,這家公司還未實現盈利。儘管如此,Lau預計2023年的銷量將從2020年的4.3萬輛增至14萬輛,2020-2023年的複合年增長率爲48%。他預計,由於純電動車銷量在加速增長,2023年公司的毛利率將從2020年的11%增至20%。

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