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《大行報告》大摩下調Tesla(TSLA.US)目標價至380美元 降收入及盈利預測
阿思達克 10-20 10:30
摩根士丹利發表研究報告,將Tesla(TSLA.US)目標價從400美元下調至380美元,指出第三季業績遜於市場預期,而第三季電話會議更是多年來管理層態度最審慎的其中一次,馬斯克及管理層今次較著眼於介紹明年唯一一款新產品Cybertruck,預計該產品將攤薄公司利潤和自由現金流。 大摩認為,第三季業績主要是仍反映公司疫情前表現,指出自2019年底上海廠房投產以來,Tesla的車型陣容幾乎沒有發生變化,預計2026財年新產品佔比才會顯著擴大,當中除快將推出的Cybertruck外,亦有Model 2、Semi等。 大摩將Tesla 2023財年收入預測從987億美元下調至967億美元,主要是由於汽車業務收入預期會受到銷量及平均ATP下降所拖累,對2024財年收入預測亦從1,297億美元降至1,168億美元;今年度汽車毛利預測從164億美元降至157億美元;研發及銷售費用增加,因此亦將經營利潤率預測從原先的10%下調至8.9%;今明兩年非通用會計準則下每股盈利預測則分別降至3及2.41美元。 大摩強調Tesla並非單單是一家汽車公司,目標價380美元當中,核心汽車業務只佔每股86美元,其他價值來自於Tesla Mobility、第三方電池供應、能源和保險等業務。
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