《大行報告》瑞信下調蔚來(NIO.US)目標價至15.7美元 上季業績遜
瑞信發表報告指,即使季度銷量按年增60%至逾4萬架的新高,但蔚來(NIO.US)去年第四季的虧損同樣創紀錄,達58億元人民幣,按年升170%,表現遜預期。業績主要令人意外之處為汽車毛利率較預期低,按年降14個百分點至6.8%,為過去十個季度以來首次錄得單位數。
該行預期,蔚來今年首季的毛利率或按季持平,主要由於政府新能源汽車補貼取消,集團為去年收到的多款車訂單提供現金補貼,及推動舊款清庫存而提供如汽車融資補貼等計劃。不過,集團指引今年全年汽車毛利率介乎18%至20%。
瑞信下調蔚來美股目標價,由17.2美元降至15.7美元,評級維持「跑贏大市」,並下調其今明兩年每股盈利預測分別55.6%及443.1%,反映毛利率假設下降。
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