《大行》中金降蔚來(09866.HK)目標價至41元 市場競爭加劇
中金髮表報告稱,蔚來-SW(09866.HK)(NIO.US)首季業績符該行及市場預期,2025年迎來多款新車交付。公司今年首季交付42,094輛,按季有所下滑,帶動首季實現營收120億元人民幣(下同)。汽車毛利率按季下滑至10.2%,公司指引後續定價穩定、結合平臺化能力提升、晶片等採購降本,實現部分車型毛利率超過20%。首季研發和銷管費用分別爲31.8及44億元,按季均有所下滑。Non-GAAP淨虧損爲62.8億元,主要受到季節性因素及產品疊代期影響,公司業績符合市場和該行預期。今年次季公司計劃交付7.2萬至7.5萬輛,展望2025年公司將迎來多款全新車型交付,包括ET9、螢火蟲首款車型以及樂道兩款全新SUV等,該行預計均有望貢獻增量。
中金維持蔚來2025至2026年Non-GAAP淨利潤預測,維持「跑贏行業」評級。考慮到市場競爭加劇,港股目標價下調15%至41港元;蔚來美股目標價亦降15%至5.3美元。
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