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《大行報告》富瑞下調蔚來-SW(09866.HK)目標價至52.74元 評級「持有」
阿思達克 06-12 09:37
富瑞發表報告,指蔚來-SW(09866.HK)的首季業績再次遜於預期,毛利率按季跌1.7個百分點至5.1%,淨虧損擴大至約48億元人民幣。第二季交付量指引為2.3萬至2.5萬輛,意味按季增長介乎19%至26%,符合預期。 該行認為,雖然集團新的ES6和即將推出的大眾市場品牌ALPS的交付或對其有幫助,但渠道開發和BaaS帶來的高固定成本將繼續阻礙集團邁向盈利。該行提到,集團首季收入107億元人民幣,按年增7.7%,次季收入指引約為87億至94億元人民幣,意味按年下跌9至15%,符合該行預期。 該行指,集團缺乏可以實現規模經濟的的車款,在交付量回升之前,粘性高的固定成本將阻礙盈利能力,將其2023及24年的每股盈測調整至分別虧損7.2元人民幣及虧損6.1元人民幣,以反映較弱的利潤率前景。該行維持集團「持有」評級,H股目標價由53.39港元降至52.74港元。
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