《大行報告》美銀證券下調蔚來-SW(09866.HK)目標價至116元 評級「買入」
美銀證券發表報告指,蔚來-SW(09866.HK)第三季業績遜預期,淨虧損為41億元人民幣,差過該行預期的27億元人民幣。
報告指,蔚來管理層第四季交付指引為4.3至4.8萬架,意味著按年增長72%至92%。季內汽車利潤率料將按季持平,營業費用佔收入比例將下降。而研發費用將穩定在每季30億元人民幣。公司目標是在明年第四季實現核心業務的收支平衡,並在明年實現正營運現金流。
該行將今年至後年的銷售量預測分別降低2%/3%/3%,並預計今明兩年的淨虧損將擴大,但後年淨虧損將縮小。該行將目標價由124元降至116元,重申「買入」評級,以反映強勁的新車型推出計劃。
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