《大行報告》瑞銀引述蔚來(09866.HK)今年銷量目標20萬輛 毛利率指引維持15至18%
瑞銀引述蔚來(09866.HK)管理層指,公司今年銷量目標為20萬輛,子品牌阿爾卑斯料於第三季推出首款車型,並在第四季開始交付。公司亦維持去年第四季15%毛利率指引,以及今年15%至18%毛利率指引,中長期目標毛利率指引介乎20%至25%。公司亦指,目標今年增加1,000個電池替換站,亦將依靠快閃店滲透二、三線城市。
報告亦引述管理層表示,基於電池成本下降趨勢、供應商年度成本減少(受惠於車款組合規模效應及車款外觀設計改善),預料今年毛利率改善。公司仍對電池替換業務持正面評論,將繼續在相關網絡投資,並與國企及私人資本合作以紓緩現金成本。公司披露電池替換站收支平衡目標為每日60宗訂單,目前使用率為每日35至40宗訂單。其新品牌阿爾卑斯及與其他車廠的合作或有助縮窄相關差距。
瑞銀給予蔚來美股預託證券(NIO.US)目標價每股8美元,維持「中性」評級。
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