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《大行報告》麥格理下調蔚來(09866.HK)目標價至78元 評級維持「跑贏大市」
阿思達克 06-13 10:20
麥格理發表研究報告指,蔚來(09866.HK)首季純利表現遜預期,主要由於毛利率下降及經營開支有所提升。管理層相應調整扭虧時間表及銷量指引,該行認為目標屬合理。 該行指出,蔚來第二季相信已見谷底,今年餘下時間表現料將反彈,預期6月份交付量將按月回升63%至1萬輛車。 基於對其2023年預測市銷率約1.7倍作估值,麥格理將蔚來目標價從93元降至78元,評級維持「跑贏大市」,今明兩年銷量預測各下調16%及5%,毛利率預測則下調5及1個百分點,純利預測下調46%及147%。
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