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《大行》中銀國際升蔚來(NIO.US)目標價至9.5美元 預測次季汽車利潤率提升至12%
阿思達克 08-28 11:19
中銀國際發表研究報告指,蔚來汽車(09866.HK)(NIO.US)近期推出的兩款新車型受到市場追捧,超出預期,相信是由於產品定位及核心部件自研系統化能力提升所帶來的產品競爭力引發關注,以及消費者對其獨特換電及電池即服務銷售模式接受度提升。 中銀國際將蔚來今明兩年銷量預測上調至31萬及40萬輛,以反映新車型市場認知度增強及對新產品週期信心提升,指出目前蔚來估值仍低於新能源車同業,重申對其「買入」評級,美股目標價從6美元上調至9.5美元。 蔚來預期下週公佈第二季業績,該行憧憬財務表現好轉將推動股份繼續獲重評,預料由於4月及5月公司集中清理舊有車型庫存,加上新車型5月中下旬纔開始交付,貢獻有限,預期第二季汽車利潤率僅較第一季的10.2%溫和改善至約12%,整體毛利率升至10%以上,考慮到潛在一次性項目影響,預測次季經營虧損介乎48億至50億元人民幣,按季收窄。此外,該行將蔚來今明兩年的收入預測上調2%至15%,至785億及1,066億元人民幣。
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