《大行報告》美銀證券下調蔚來-SW(09866.HK)目標價至116元 評級「買入」
美銀證券發表報告指,蔚來-SW(09866)第二季度銷售額按年下跌2%至88億元人民幣,汽車毛利率6.2%,按年跌10.5個百分點,按季升1.1個百分點,按季改善主要因為2022年版本的ES8、ES6及EC6推廣折扣減少。整體毛利率1%,按年跌12個百分點,按季亦跌0.5個百分點。營運開支佔銷售比率按季升20.8個百分點升至70.2%,主要因為員工、銷售推廣、研發等開支上升,淨虧損61億元人民幣,差過該行預期的虧損53億元人民幣。
公司指引第三季交付量5.5萬至5.7萬輛,按年升74%至80%,按季升134%至142%,指引差過市場預期,該行將公司今年至2025年三年期間,銷量預測分別下調3%、5%及7%,預期三年期間虧損將擴大,目標價由126元下調至116元,重申評級「買入」。
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