《大行報告》里昂削蔚來(NIO.US)目標價至9.6美元 評級「買入」
里昂發表報告指,蔚來(NIO.US)首季收入按年升7.7%至106億元人民幣,惟其淨虧損按年同期由28億元人民幣擴至48億元人民幣。該行相信,新的ES6車型將有助於其下半年收入,但在其利潤上的幫助或會較少。該行將集團2023財年的收入及毛利預測分別下調40.6%和67%,至645億元人民幣及70億元人民幣,以反映持續價格戰的影響,又將美股目標價由17美元下調至9.6美元,維持予其美股「買入」評級。
該行表示,隨著蔚來於5月及6月推出兩款升級車型,以及6月交付新的ET5 Touring車型,認為集團的銷售均價將在次季起反彈。然而,在ES6和ET5的月交付量穩定高位之前,其利潤或難以得到改善,而公司已決定削減其資本支出並推遲其計劃的收支平衡時間表。
該行提到,雖然集團在價格戰中並沒有削減官方售價,惟相信仍對其均價有強烈影響,並導致交付減少。該行將其2023及24財年的收入預測由1,086億元人民幣及1,731億元人民幣,下調至645億元人民幣和966億元人民幣。
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