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《大行報告》大和下調蔚來(NIO.US)目標價至11.8美元 評級「買入」
大和發表研究報告指,蔚來(09866.HK)(NIO.US)首季交付量增長21%,但由於產品組合變化及去庫存,期內汽車銷售收入按年持平,平均售價更下跌17%,汽車毛利率維持於5%的較疲弱水平。 雖然首季業績疲軟,但管理層仍預計新車型ES6、ES8及ET5 Touring將帶動下半年交付量向好。大和預期,今年下半年起銷量或將回升至每月2萬輛,成為關鍵的股價催化劑,重申對蔚來美股的「買入」評級。 但基於首季表現及市場競爭激烈,該行仍將2023至2025年銷量預測下調20%至30%,美股目標價由13.9美元下調至11.8美元,現時預期今明兩年淨虧損將分別達到140億及40億元人民幣,2025年料有望扭虧,錄淨利潤約20億元人民幣。
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