《大行報告》高盛首予蔚來-SW(09866.HK)「中性」評級 目標價66元
高盛發表研究報告指,首予蔚來-SW(09866.HK)「中性」評級,目標價66元,此按現金流折現率作估值。該行預期,集團2023至2025年的收入複合年增長率為31%,主要是受到銷量增長40%所帶動。由於集團擁有比同業更全面的產品組合,預計未來兩年內新車型儲備相對較少,其中1款是蔚來主品牌,並有2款為其Alps子品牌。
該行預計,集團的自由現金流在2026年之前將保持為負值,估計公司於2024年至2025年期間將再消耗160億元人民幣的現金。另外,集團與CYVN訂立22億美元投資後,預計其於2023年底已擁有170億元人民幣的淨現金,足以支持其營運、持續研發和品牌發展。而從2026年起,相信集團的融資壓力將逐步緩解。
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