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《大行》招銀國際降蔚來(NIO.US)目標價至4美元 維持「持有」評級
阿思達克 06-05 10:20
招銀國際發表報告,維持蔚來(NIO.US)「持有」評級。目標價由5美元降至4美元。儘管公司第一季淨虧損按年擴大,但仍以第四季達到盈虧平衡為目標。該行認為管理層的收支平衡假設有點不切實際。與其他同業不同,認為公司在電池交換、銷售通路及其他不必要的專案上投入較多,需要較高的銷售量才能達到收支平衡。 報告指,蔚來第一季的營收較該行先前的預測低2%。毛利率較該行預測低0.7個百分點,主要是由於汽車毛利率未達預期所致。由於銷售、一般及行政費用支出較預期高出9億元人民幣(下同),第一季的經營虧損為64億元,較該行預測差10億元。淨虧損為13億元。
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