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《大行报告》交银国际降蔚来(09866.HK)目标价至40.3元 上季亏损较预期大
交银国际发表研究报告指,蔚来(09866.HK)上季收入171亿元人民币,按季下降10.3%,较预期高约4%。期内,净亏损为53.6亿元人民币,较第三季扩大17.8%,并高于预期约7%。同时,去年录得净亏损207亿元人民币,亦分别较交银及市场预期多出13%和11%。不过,公司今年首季的汽车交付量指引符合预期。 该行表示,由于公司今年未有计划发布新车,因此预计其次季销售将按季有所改善,但难以回到去年高峰期的每月交付2万辆的水平,而下半年子品牌「阿尔卑斯」车型发布可望令销量重拾升势。 该行预测蔚来2024及2025年的销量按年增19.1%及32.5%,至19万和25.2万辆。虽然「阿尔卑斯」首款车型将会在明年上量,但由于子品牌的独立销售网络及新车型的开发费用支出,该行预计公司的亏损将持续高企,而且行业的价格战亦对板块估值短期有负面影响,将其目标价下调至40.3元,维持「中性」评级。
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