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《大行報告》摩通下調蔚來(NIO.US)目標價至25美元 評級「增持」
摩通發表報告指,蔚來-SW(09866.HK)(NIO.US)第二季業績喜憂參半。雖然電池成本上升,但汽車毛利率按季收縮1.4個百分點至16.7%,收窄幅度較市場原先預期逾2%爲小。蔚來第三季的交付量指引爲3.1至3.3萬架,低過該行早前預期的4.4萬架,管理層將此歸因於供應鏈樽頸和疫情影響。 不過,摩通指,據其最近觀察主要電動車品牌的展廳,發現蔚來的新車型需求強勁,包括ET5轎車、ES7休旅車以及ET7轎車都需要等待三個月以上。維持對公司的正面看法,評級「增持」,美股目標價由30美元降至爲25美元。 另外,摩通估計,蔚來的總銷量將從今年的14萬架上升到明年的25萬架。而汽車毛利率將從第二季低位改善,預期第三季和第四季分別擴張至17.3%和19%,主要由於更好的組合和成本控制。
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