《大行報告》海通國際降蔚來(09866.HK)目標價至57.2元 注重短期投資回報改善盈利能力
海通國際發表報告指,蔚來(09866.HK)2023年第四季業績營業收入超出預期,公司第四季營收171.03億元人民幣,高於該行預測的165.67億元人民幣,主要受惠於公司注重短期投資回報以改善盈利能力。海通國際將蔚來目標價由77.54港元下調至57.2港元,並維持「優於大市」評級。
不過,該行指公司在第四季的研發費用,銷售及行政支出均有所增加。因此預計公司業績在短期仍持續受壓,並指海通國際在2024年所投入的研發規模或與去年持平,希望公司通過持續的降本增效促進季度虧損逐步收窄。
在新一輪汽車市場價格戰中,多間汽車企業改款、增加產量及降價策略的衝擊下,該行認為蔚來的改款力度稍為不足,對於幫助上半年交付表現能否如期回暖仍是未知之數,並預測公司2024年第二季汽車交付量將有望增至約5.3萬輛,至於第三季則有望回復到2萬輛的水平。
另外,蔚來第二品牌阿爾卑斯將在今年第二季度亮相,該行認為相關子品牌能充分融入蔚來的共享換電網絡,並有望在大眾市場建立新的競爭優勢,促進集團銷量觸底反彈。(js/u)
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