You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
蔚來(09866.HK)挫逾7% 野村料需更多時間改善財務及2027年實現盈虧平衡
阿思達克 09-23 11:33
蔚來-SW(09866.HK)今早低開3.6%,盤中曾低見52.3元一度下挫8.5%,最新報52.8元跌7.5%。 野村發表報告表示,隨著Onvo L90與全新ES8的訂單表現強勁,料蔚來的銷售動能已經扭轉,預計將推動2025年餘下時間的出貨量增長。憑藉最新的定價策略與產品展示能力,公司市佔率有望進一步提高。不過,該行認為蔚來仍需要更多時間在財務層面上取得有意義的改善。該行對蔚來今年出貨預測下調9.5%,但上調2026年與2027年出貨預測各0.9%及12.7%,據此預計2024財年至2027財年收入年均複合增長率可達32%。考慮到營收增長與營運開支改善潛力,該行預測蔚來在2027財年有望實現盈虧平衡。 該行指,蔚來已達成訂單目標,接下來的關鍵在於財務改善,將蔚來(NIO.US)目標價由5美元上調至8.4美元,維持「中性」評級。 新車型需求方面,Onvo L90每周訂單保持在2,000-3,000台,而全新ES8的鎖單數量已接近5萬台,超過2025年剩餘時間的產能上限,因此全年出貨量將獲堅實支撐。若蔚來明年延續類似策略,該行看好其成長前景。 雖然短期需求挑戰已經解決,但接下來的焦點將落在財務改善。與同業相比,蔚來的資產負債表仍偏脆弱,股東權益價值僅在最近一輪配股後轉為正值。鑑於2026年上半年通常為汽車銷售淡季,該行認為蔚來仍可能需要額外融資,投資者需有耐心等待其財務狀況在維持當前業務勢頭下實質改善。
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.
uSMART
Wealth Growth Made Easy
Open Account