大行评级|摩根大通:维持特斯拉“减持”评级及目标价115美元 估值大致已反映正面因素
摩根大通发表报吿指,特斯拉本周二股价大升10.2%,表面是因为第二季度交付量略高于市场预期,但其交付量按年跌5%,已连续两个季度录得按年跌幅,在该行估计全球电动车市场同期增长22%之下,反映其市场份额明显减少。该行认为,推动特斯拉股价的正面因素包括:其销售跌幅并非更大;终于扭转产出较消费者需求更多的趋势,将有助稳定营运开支及自由现金流;于动力储存范畴取得牵引力,有助在汽车业务波动时取得平衡。不过该行关注近日股价强势的同时,亦伴随基本因素走弱的趋势,包括交付量、收入、毛利率及经营利润率、EBIT、自由现金流转弱。第二季度交付量44.4万辆,虽然较近期市场估计的43.9万辆高出1%,但其实较一个月前估计的45万辆为低。摩通认为,特斯拉具有高度多元的业务模式、具吸引力的产品线、具领导地位的技术水平,但其执行风险高于平均水平,估值大致已反映正面因素,维持其“减持”评级,因应第二季度交付量数据,将第二季度每股盈利略为调高,由0.56美元上调至0.64美元,目标价维持115美元。
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