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《大行報告》中金上調蔚來-SW(09866.HK)目標價至100元 評級「跑贏行業」
阿思達克 08-31 15:25
中金發表報告,指蔚來-SW(09866.HK)次季營業收入87.7億元人民幣(下同),Non-GAAP淨虧損54.5億元。公司次季經歷了NT2.0產品迭代期,虧損按季擴大,遜於市場預期。汽車毛利率按季改善,規模效應減弱致虧損擴大。季度交付指引再創新高,CYVN戰略股權投資資金到賬。 報告稱,蔚來NOP Plus加速迭代,換電站佈局加密,有望成為提振銷量的兩大引擎。維持「跑贏行業」評級。當前股價對應預測2024年市銷率1倍,考慮到公司仍處於戰略投入期,費用支出較為剛性、目前市場競爭仍較為激烈,下調公司2023及2024年盈利預測至分別虧損166億及虧損98億元(前值為虧損152及轉賺1.67億元)。考慮到板塊估值上行及公司交付有望持續爬坡,毛利率趨勢向好,上調H股目標價35.1%至100港元,對應預測2024年市銷率1.2倍。
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