《大行報告》美銀證券下調蔚來-SW(09866.HK)目標價至85元 評級「買入」
美銀證券發表研究報告指出,蔚來-SW(09866.HK)首季業績遜預期,總銷售按年增長8%至107億元人民幣;汽車毛利率按年跌13個百分點至5.1%,按季跌1.7個百分點,毛利率按季下跌主要由於期內為上一代的ES8、ES6和EC6促銷折扣增加,以及銷量較低所致。總體而言,集團毛利率為1.5%,按年跌13.1個百分點,按季跌2.4個百分點。期內淨虧損48億元人民幣,差過該行預期的淨虧損46億元。
該行指出,蔚來對今年第二季的交付量指引介乎2.3萬至2.5萬輛,意味著按年跌0.2%至8%,按季跌18%至23%。該行對公司今明兩年的銷量預測下調21%及24%,以反映最新的產品發布渠道和市場競爭,同時下調其毛利率及銷量預測,預期淨虧損將有所擴大。該行對蔚來目標價由93元下調至85元,重申對其「買入」評級。
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