《大行報告》匯豐研究降蔚來(09866.HK)目標價至79.8元 下調盈測反映競爭加劇及定價壓力
匯豐環球研究發表報告指出,過去一個月,蔚來汽車(09866.HK)(NIO.US)美國ADR及港股股價分別上升7%及6%,相對於同期標普500指數升3%,而恆生綜合指數跌1%。蔚來跑贏大市主要由於現金流可持續性增加及新車型的推出。
去年12月27日,蔚來宣布從阿布扎比基金獲得22億美元的戰略投資。該行相信,巨額投資和目前公司「燒錢」水平,本輪融資將增強公司的資產負債表實力,並緩解先前市場對其營運可持續性的憂慮。
此外,蔚來於去年12月23日推出新的高端車型ET9,預售價為80萬元人民幣,估計將於明年首季交付。公司另計劃於今年下半年推出面向大眾市場品牌的ALPS,售價介乎20萬至30萬元人民幣。該行認為蔚來推出ET9和ALPS可增強其今年的產品組合。短期內,由於銷售團隊較去年下半年擴大,該行料至今年首季底,公司的每月銷量將有所改善。
該行將蔚來2023至2025年的純利預測各下調1%、4%及9%,主要由於在競爭壓力加劇下,對公司期內收入預測下調;NT2.0平台提升所帶來的規模經濟勝預期,導致去年毛利率提高,惟定價壓力及ALPS品牌在導入階段帶來稀釋,儘管部分被原材料價格調整所抵銷,該行下調對公司今明兩年毛利率預測;2023至2025年營業費用率提高,支持公司去年重組,以及今明兩年新品牌的渠道擴張。
匯豐研究維持對蔚來「買入」評級,對蔚來(NIO.US)目標價由10.7美元下調至10.2美元,對蔚來(09866.HK)目標價由83.8港元下調至79.8港元。
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