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《大行報告》花旗:蔚來(NIO.US)上季毛利率遜預期 現金燃燒週期持續
花旗發表研究報告指,蔚來汽車(NIO.US)第三季的毛利率低於預期約0.5至1個百分點,因成本上漲;淨虧損按季擴大43%。該行認為,市場應擔心未來新能源汽車製造商的總體現金流狀況。不過,集團的第四季銷售指引令人鼓舞,目標是銷售4.3萬至4.8萬輛之間,意味著11月和12月的總銷量介乎3.3萬至3.8萬輛,即銷售在這兩個月每月需要增長最少37%。該行認為,集團的第四季銷售目標可行,惟亦具挑戰性。 該行表示,集團首九個月的淨虧損勢頭顯示,其2023年全年負數自由現金流會介乎約100億至120億元人民幣。截至今年第三季末,料其淨現金水平為338億元人民幣,每股淨現金約為2.76美元。
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