《大行報告》建銀國際降蔚來(NIO.US)目標價至14.5美元 評級「跑贏大市」
建銀國際表示,蔚來(NIO.US)獲阿布扎比政府旗下的CYVN Holdings加碼投資22億美元,持股增至20.1%。該行相信,蔚來在中東及歐洲的品牌知名度將會提升,這對於高端品牌蔚來而言意義重大,因為來自這兩個地區的客戶購買力都比中國高。中國市場受到毛利率波動的困擾,並很可能在未來幾季持續,因為蔚來新車型的推出,以及能否在當前充滿挑戰的宏觀環境中實現規模經濟效益存在不確定性。儘管旗艦產品ES8有所增加,該行並不預期蔚來會於內地提高建議零售價。然而,建銀國際預計蔚來毛利率按月有大幅改善。
為開發新型號和電池,以及安裝新的電池站帶來安裝研發和工廠建設成本,可能會於明年在銷售改善前,對營運利潤率帶來額外的壓力。
於樂觀情況下,該行預期明年交付量將顯著改善,明年第四季毛利率將達到20%,而每月交付量將達2.5萬輛。
建銀國際表示,儘管蔚來近期利潤率出現小幅下滑,但鑑於其品牌強大,對蔚來汽車持正面看法。目標價由21.8美元下調至14.5美元。評級「跑贏大市」。(ad/u)
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