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大行評級|海通國際:上調蔚來目標價至95.51港元 維持“優於大市”評級
海通國際發研報指,蔚來2Q23實現營收87.7億,同比-14.4%,環比-17.8%;毛利率1.0%,同比-12pcts,環比-0.5pcts,毛利率下行由於汽車交付量減少和低毛利的二手車銷佔比增加。該行指,考慮到1H23交付不及預期,銷售優化效果將於Q4顯現,該行下調公司2023年交付量預測至17.6萬輛(下調3%),預測公司2023-25年營收為613.2億/956.3億/1,435.8億元(下調2%/3%/3%)。參考國內外領先造車新勢力估值水平,給予2023年2.3xEV/Sales,對應目標價95.51港元,維持“優於大市”評級。
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