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《大行報告》交銀國際降蔚來(09866.HK)目標價至40.3元 上季虧損較預期大
交銀國際發表研究報告指,蔚來(09866.HK)上季收入171億元人民幣,按季下降10.3%,較預期高約4%。期內,淨虧損為53.6億元人民幣,較第三季擴大17.8%,並高於預期約7%。同時,去年錄得淨虧損207億元人民幣,亦分別較交銀及市場預期多出13%和11%。不過,公司今年首季的汽車交付量指引符合預期。 該行表示,由於公司今年未有計劃發布新車,因此預計其次季銷售將按季有所改善,但難以回到去年高峰期的每月交付2萬輛的水平,而下半年子品牌「阿爾卑斯」車型發布可望令銷量重拾升勢。 該行預測蔚來2024及2025年的銷量按年增19.1%及32.5%,至19萬和25.2萬輛。雖然「阿爾卑斯」首款車型將會在明年上量,但由於子品牌的獨立銷售網絡及新車型的開發費用支出,該行預計公司的虧損將持續高企,而且行業的價格戰亦對板塊估值短期有負面影響,將其目標價下調至40.3元,維持「中性」評級。
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