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《大行報告》匯豐研究微升蔚來汽車-SW(09866.HK)目標價至222元 評級「買入」
匯豐研究發表報告,蔚來汽車-SW(09866.HK)第二季度淨虧損為27億元人民幣,虧損擴大主要是由於與疫情導致供應鏈中斷和電池成本上升令利潤率受壓,與該行預測基本一致。目標價由221元微升至222元,評級「買入」。 報告預計,第四季起蔚來的月度交貨量將增加,原因包括三款新車型(ET5/ET7/ES7)強勁的訂單表現,以及供應瓶頸問題緩解。 該行將蔚來明年和後年的淨利潤預測分別上調7%和1%,因為在今年下半年開始的強勁產品周期的支持下,料產量增加;鑒於更高的產量帶來更好的規模效益,明年的毛利率估計略有提升。至於今年的淨利潤就調低9%,主要是由於第三季供應鏈中斷的時間較預期長,導致今年銷售預期降低。該行對蔚來今年至後年的盈利預期,比市場共識平均高17%。
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