《大行報告》大摩:蔚來(NIO.US)第三季銷售只達指引下限 末季訂單和銷售成焦點
摩根士丹利發表研究報告指,蔚來(09866.HK)(NIO.US)9月份銷量達到15,641輛,按年增長44%,但按月比較則下跌19%,低於市場預期的上限,預期中秋及國慶長假期內的有約2,000至3,000輛的銷量將結轉至10月。
蔚來單月SUV銷量按月下跌4%至11,504輛,而轎車車型表現仍然疲弱,按月下降43%。第三季蔚來累計汽車交付量達到55,432輛,處於公司指引的下限。
自9月18日宣布發行可換股債券以來,蔚來美股股價已回調13%,對比同期納指下跌4%,投資者情緒或受到市場推測公司需要進一步融資而受到打擊。大摩指出,目前市場上所有目光都集中於公司第四季的訂單情況及銷售步伐上,憧憬積極的銷售策略及高質量的執行能力將是蔚來實現每月2萬至2.5萬輛交付目標的關鍵所在,現時仍然預測公司將於明年實現盈虧平衡,給予美股目標價18.7美元,評級為「增持」。
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