《大行報告》招銀國際下調蔚來(NIO.US)目標價至8.5美元 評級「持有」
招銀國際發表報告指出,蔚來(09866.HK)(NIO.US)第三季收入符合預期,毛利率較該行高出0.3個百分點。季內淨虧損46億元人民幣,較該行預測收窄約5億元人民幣,主要由於其在研發及銷售、一般和管理費用方面的成本控制。
該行認為,儘管蔚來第三季在研發及銷售、一般和管理費用方面的盈利表現良好,但公司第四季銷售指引或意味著2024財年將面臨艱難局面。鑑於換電業務持續拖累,估計公司明年毛利率實現雙位數的可能性不大。雖然公司完成NT2.0平台切換,以及收購江淮汽車(600418.SH)工廠,但並未能抵銷其銷售、一般和管理費用及研發的沉重開支,即使公司計劃削減非核心項目,惟相信對提升毛利率空間有限。至於公司與其他汽車製造商電池互換業務亦可能沒太大幫助。
此外,該行預期蔚來第四季淨虧損41億元人民幣,另對其明年銷量預測下調16%至21萬輛,產品均價下調4%,以反映競爭加劇。該行維持對蔚來「持有」評級,對美股目標價由10美元下調至8.5美元。該行認為理想(02015.HK)(LI.US)的盈利能力及現金狀況比蔚來更好。
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