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大行評級|大和:上調特斯拉目標價至225美元 利潤壓力可能逐漸減輕
格隆匯 07-31 10:39
大和發表研究報吿,因應特斯拉最新業績表現及管理層在電話會議中的更新,相應將今明兩年每股盈利預測從2.5及3.25美元,下調至2.25及3.05美元,以反映電動車需求較弱,仍維持2026年每股盈利預測為4美元不變,憧憬更經濟實惠的新車型上市可帶動銷量增長。大和指出,特斯拉次季毛利率持續改善,是自2022年第二季以來首次,季度毛利率按季提升0.6個百分點至18%,主要來自於碳積分抵扣及儲能佈局所推動,而核心汽車毛利率則持續惡化。考慮到Model3已完成量產,產量預料自第三季起恢復正常,大和認為相關不利因素將在下半年開始消退,利潤壓力將減輕。同時美國減息預期有助提升消費者負擔能力,因此大和對特斯拉的汽車毛利率前景較為樂觀,將目標價從180美元上調至225美元,當中電動車業務估值為135美元,儲能業務及Robotaxi估值分別為37及54美元,維持“中性”評級。
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