《大行報告》富瑞降蔚來-SW(09866.HK)目標價至65.8元 季績符預期
富瑞發表報告指,蔚來-SW(09866.HK)第三季季績符合預期,期內收入按季升117%至191億元人民幣,淨虧損按季收窄27.8%至46億元人民幣,汽車銷售毛利率按季升至11%。
該行指,公司第四季汽車交付指引達4.7萬至4.9萬輛,並維持第四季毛利率指引達15%不變,同時目標明年毛利率15%至18%,長遠而言則達20%。
該行提到,蔚來認為換電網路類似雲端服務和基礎設施,從內部服務開始,然後向公眾開放。因此,集團將向其電池交換網路引入合作夥伴,這些合作夥伴將購買資產,但將由蔚來進行營運。值得一提的是,NIO Power充電業務基本上已收支平衡,其中超過80%的電量都是由蔚來以外的品牌用戶來使用 ,該公司也不排除分拆NIO Power的可能性。
儘管蔚來精細化的行銷策略和成本控制措施開始生效,但由於集團品牌缺乏新產品及2024年折舊與攤銷(D&A)的增加,公司仍面臨利潤壓力,因此該行將公司今年及明年盈測分別調整為降11.9元人民幣及降8.6元人民幣,並將其目標價由78.2元下調至65.8元,維持評級「持有」。(ca/k)
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