《大行報告》招銀國際降蔚來(NIO.US)目標價至6.2美元 現金消耗加快
招銀國際發表研究報告指,蔚來(09866.HK)(NIO.US)去年第四季研發及營銷開支創歷史新高,均較該行預測高出約7.2億元人民幣,導致期內盈利表現不似預期。上季蔚來錄經營虧損約66億元人民幣,較招銀國際預測高出約19億元人民幣。
蔚來去年12月宣布獲阿布扎比投資機構CYVN斥資22億美元入股,該行指出,蔚來的現金可消耗時間可能較預期短,從財報電話會議中亦未見到任何扭虧為盈的跡象,認為管理層2024財年15%至18%的汽車業務毛利率指引可能過分樂觀。
招銀國際推算,即使假設汽車業務毛利率可提升至15%,並在研發及營銷開支上嚴謹控制,蔚來2024財年淨虧損仍可能超過100億元人民幣,距離扭虧仍很遠,同時對子品牌Alps及第三方品牌Firefly於2025財年實現盈利不抱期望。
相應地該行將蔚來2024財年銷量預期從21萬輛下調至19萬輛,將2024財年淨虧損預測從147億元人民幣調整為172億元人民幣,維持「持有」評級,並將美股目標價從6.8美元下調至6.2美元。
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