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《大行報告》摩通降蔚來(NIO.US)評級至「中性」 下調目標價至10美元
摩根大通發表研究報告指,由於汽車利潤率出乎預期大幅收縮至6.8%,以及營運支出高於預期,拖累利潤表現,令蔚來汽車(09866.HK)(NIO.US)去年第四季度業績遜於市場預期。 雖然管理層解釋業績遜於預期主要是由於現有舊車型清倉的一次性相關影響所致,但摩通仍然擔心蔚來今年首季利潤率可能會進一步下降。在充滿競爭的市場環境下,該行現時估計首季汽車利潤率將進一步下降至5%,並預測今年全年交付量將按年增長56%至19萬輛,低於公司預期的24萬至25萬輛。 年初至今蔚來股價累跌8%,對比同期國企指數上漲3%。摩通認為蔚來短期內將橫行,下調今明兩年盈利預測,美股目標價從14美元降至10美元,評級則由「增持」下調至「中性」。
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