《大行》高盛:升蔚來(09866.HK)目標價至33.3元 評級「中性」
高盛發表研究報告,將蔚來(09866.HK)新推出車型ES8今年9至12月銷量,從3.2萬輛上調至4萬輛,但維持2026年平均月銷量預測5,000輛不變,因為初始交付高峰後往往有銷量回落。高盛亦將蔚來今年第四季、2026至2027財年淨利潤預測分別上調11%、1%、2%。另將蔚來美股(NIO.US)目標價從4.1美元升至4.3美元,港股目標價從31.8港元升至33.3港元,評級「中性」 。
展望未來,高盛認為關鍵觀察點包括:訂單及交付量及其可持續性,不僅限於ES8,也包括其他車型,因為該行預期其他車型仍將佔管理層今年第四季月交付目標5萬輛的約四分之三;營運資金及現金流動,因為蔚來的應付帳款天數(貿易及票據應付)在今年次季仍維持相對高位,為186天,對比同期汽車、新能源車OEM平均為155、150天。
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