大行评级丨大摩:蔚来管理层重申全年录non-GAAP盈利目标,评级“增持”

格隆汇
Sep 20
摩根士丹利发表研报指,蔚来管理层重申,公司将优先通过销量增长及经营杠杆推动利润增长,并重申今年达成非公认会计准则(non-GAAP)经调整盈利的目标。大摩指,下半年每辆车的存储器成本预期增加2000至3000元,但公司预计可通过提升效率,将车辆毛利率稳定在约18%水平。同时,下半年销售、一般及行政费用占收入比例预计将降至10%至11%,长远将低于10%;non-GAAP研发开支则维持在每季约25亿元。该行认为,蔚来的资产负债表融资压力已消除,预计第三季现金及等价物逾600亿元,明年则逾700亿元。该行予蔚来H股“增持”评级,目标价68.5港元。

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