《大行報告》摩通下調蔚來(NIO.US)目標價至8.5美元 評級「中性」
摩根大通發表研報指,蔚來(09866.HK)(NIO.US)首季業績表現疲軟,考慮到銷量放緩及利潤率較低的車型貢獻較高,認為業績在預期之內。
該行又指,管理層給予的第二季交付指引反映交付量將按季下跌19%至26%,代表第二季盈利能力改善幅度有限,投資者現時將關注力放在下半年,憧憬在新車型推出的帶動下利潤及銷售或好轉。
但考慮到新能源汽車市場的競爭情況,摩通未有抱太大期望,指出蔚來下半年可能再次未能達成增長指引,相應亦將蔚來美股目標價由10美元下調至8.5美元,評級維持「中性」,繼續將比亞迪(01211.HK)H股列為行業首選。
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