大行評級|摩根大通:維持特斯拉“減持”評級及目標價115美元 估值大致已反映正面因素
摩根大通發表報吿指,特斯拉本週二股價大升10.2%,表面是因為第二季度交付量略高於市場預期,但其交付量按年跌5%,已連續兩個季度錄得按年跌幅,在該行估計全球電動車市場同期增長22%之下,反映其市場份額明顯減少。該行認為,推動特斯拉股價的正面因素包括:其銷售跌幅並非更大;終於扭轉產出較消費者需求更多的趨勢,將有助穩定營運開支及自由現金流;於動力儲存範疇取得牽引力,有助在汽車業務波動時取得平衡。不過該行關注近日股價強勢的同時,亦伴隨基本因素走弱的趨勢,包括交付量、收入、毛利率及經營利潤率、EBIT、自由現金流轉弱。第二季度交付量44.4萬輛,雖然較近期市場估計的43.9萬輛高出1%,但其實較一個月前估計的45萬輛為低。摩通認為,特斯拉具有高度多元的業務模式、具吸引力的產品線、具領導地位的技術水平,但其執行風險高於平均水平,估值大致已反映正面因素,維持其“減持”評級,因應第二季度交付量數據,將第二季度每股盈利略為調高,由0.56美元上調至0.64美元,目標價維持115美元。
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