《大行》大摩:蔚來(09866.HK)季度虧損及毛利率勝預期 每車售價錄高單位數跌幅
摩根士丹利指,蔚來(09866.HK)(NIO.US)第二季淨虧損51億元人民幣,對比第一季虧損69億元人民幣收窄,勝於該行預期的虧損55億美元。整體收入按年升58%,銷量按季升72%,意味每車均價按季呈高單位數跌幅。汽車毛利率按季升0.1個百分點至10.3%,該行預測爲10.5%,或受規模效應及有利產品組合推動,抵銷加大推廣影響。整體毛利率按季升2.3個百分點至10%,高於該行預測的8.2%。公司經營開支按季下降,受重組效應影響,研發及銷售與行政開支分別按季跌5%及10%,現金結餘按季增加12億元人民幣,至272億元人民幣。
該行又指,公司料第三季銷售指引爲8.7萬至9.1萬輛,意味本月銷售3.5萬至3.9萬輛,對比上月的3.1萬輛。收入指引介乎218億至229億元人民幣,按季升15%至20%,意味第三季每車售價呈中單位數下降,或反映Onvo銷售佔比增加,ES8貢獻有限,基於後者在9月下半月才推出。
該行目前予蔚來ADR「增持」評級及7.2美元目標價。
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