大行評級|麥格理:上調蔚來目標價至40港元 指其成本控制情況良好
麥格理髮表報吿表示,蔚來第二季汽車業務勝預期,利潤率升至12.2%,對比該行預測為10.5%,主要因經營開支比率改善,帶動公司整體毛利率達到9.7%,較該行及市場普遍預期高約2.1及0.9個百分點,創自2022年第三季以來新高。蔚來管理層公佈第三季銷售目標為6.1萬至6.3萬輛,中位數高過麥格理預測約6%,收入指引介乎191億至197億元,同樣較該行預測高6%。展望該公司將於下半年推出Onvo及Firefly等新車型,麥格理預期將推動銷量上升,同時銷售費用預期繼續高企。基於成本控制情況良好,麥格理將蔚來2024年銷量預測上調3%,毛利率預測由7.9%上調至10.2%,目標價由38港元上調至40港元,維持“中性”評級。
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