《大行》中金:蔚來(09866.HK)次季交付符合指引 維持目標價41元
中金髮表研究報告指,蔚來-SW(09866.HK)(NIO.US)樂道L90預售定價超市場預期,預計L90 有望在高端大三排SUV市場保持領先。蔚來於次季合計交付72,056輛車,符合此前指引7.2萬至7.5萬輛交付量。另外,公司啓動了內部的CBU改革(Cell Business Unit),首季業績會中,公司表示相關改革舉措有望從次季起逐漸體現在報表中,費用端效率有望逐步優化,該行期待公司實現今年第四季盈利轉正指引。
報告又指,在強勁產品週期帶動下,公司業績會中指引營運現金流持續提升,全年自由現金流有望實現正向流入。考慮到市場競爭加劇且公司持續推進降本增效,該行將2025及26年收入預測分別下調11%及3%,至887億及1,307億元人民幣,維持「跑贏行業」評級,維持港股及美股目標價41港元及5.3美元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.