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《大行報告》瑞銀:蔚來(NIO.US)次季業績遜預期 料全年虧損高於現時市場預測
瑞銀發表研究報告指,蔚來(09866.HK)(NIO.US)第二季經營虧損按季擴大30%至28.46億元人民幣,虧蝕幅度較該行預期高出18%,次季淨虧損達到27.45億元人民幣,按年及按季增幅亦高於該行及市場預期。瑞銀預期,蔚來全年虧損將高於現時市場預測。 管理層預期第三季將交付3.1萬至3.3萬輛汽車,即是在9月份將交付1萬至1.2萬輛,季度增長指引略高於小鵬(09868.HK)(XPEV.US)和理想汽車(02015.HK)(LI.US),但單計9月則較兩家同業為低。考慮到蔚來應該會在9月進一步增加ES7的交付量,相信部分投資者可能會感到失望。 瑞銀表示,蔚來現價水平為2022至2023年企業價值倍數約3.1倍及2倍,但同時未來收入可能存在下行風險,給予「買入」評級,美股目標價32美元。
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