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《大行報告》匯豐研究降蔚來-SW(09866.HK)目標價至61.4元 下調盈測
匯豐研究發表報告指,受產品周期及銷量疲弱拖累,蔚來-SW(09866.HK)(NIO.US)去年第四季業績疲弱。該行承認低估其營銷和研發成本,末季淨虧損按季擴至56億元人民幣,較該行預期遜色。 匯豐研究相信,相關負面因素基本上已反映在股價上,過去兩個月蔚來港股及ADR分別累跌25%及22%,預期市場未來將更關注需求復甦及產品周期發展機會。 憧憬今年第二季電動汽車整體需求將有所恢復,加上公司3月起開始交付現有車型的2024年升級版本,以及今年第三季大眾市場子品牌「ALPS」將推出首款車型,預期將支持蔚來銷量及利潤率回升。 因應業績表現,該行將蔚來H股目標價由79.8元下調至61.4元,但看好產品周期轉趨活躍,維持「買入」評級。計及新品牌推出後營運費用比率上升,匯豐研究將今明兩年每股盈測分別下調16%及27%。
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