《大行報告》招銀國際降蔚來(NIO.US)目標價至6.8美元 需要說服力策略來實現盈利
招銀國際發表研究報告指,預計蔚來(NIO.US)上季淨虧損將按季收窄至44億元人民幣,且毛利率有所改善。然而,2024財年淨虧損或達146億元人民幣。雖然阿布達比CYVN的注資或會支持集團未來兩年的支出,但其仍需要制定有說服力的策略來實現盈利,以增強投資者的信心,特別是對於其今年下半年推出的第二個品牌。
該行預期蔚來的汽車平均售價於去年第四季按季下降2%至約30.9萬元人民幣,折扣力度低於大部分同行,又預期電池價格下降將抵銷折扣,有助集團的毛利率,預計毛利率按季增加0.7個百分點至11.7%。另一方面,該行預計集團期內的其他收入將會下降。因此,預計集團上季整體均價將按季減3%至33.4萬元人民幣,毛利率為8.9%。
該行維持集團2024財年銷量21萬輛及毛利率8.1%的預測,相信其研發和銷售、一般行政費用均錄得按年下降,但料期內淨虧損仍達146億元人民幣。該行維持公司「持有」評級,目標價由8.5美元下調至6.8美元。
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