-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下:Lucid Group (LCID)第一季調整後每股盈餘為-2.82美元,低於市場預期的-2.04美元,遠低於市場普遍預期的-2.30美元。受價格上漲推動,LCID第一季營收成長20%至2.825億美元(比市場預期低7,600萬美元),但汽車總銷量下降1%至3,093輛。此外,LCID的產銷差距顯著擴大,該公司本季僅生產了5,500輛汽車。 LCID季末的現金及等價物為7億美元,低於三個月前的9.98億美元,但約32億美元的總流動資金為公司提供了短期財務靈活性(考慮到4月份的融資計劃,預計流動資金將達到47億美元)。在本公告中,LCID並未更新先前預測的2026年汽車產量2.5萬至2.7萬輛,這意味著產量將高於2025年的1.784萬輛。鑑於目前明顯的需求問題,我們認為LCID的實際銷售量更為重要。 LCID股價在盤後交易下跌了2%。除了4月份的融資延長了其流動性儲備外,本公告幾乎沒有任何亮點。
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Research Alert: CFRA Maintains Hold Rating On Shares Of Ballard Power System Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price from CAD4.20 to CAD6.40, applying a price-to-sales multiple of 13x our 2026 sales-per-share view (CAD0.49 using a USD/CAD exchange rate of 0.73x). We adjust our 2026 loss per share (LPS) estimate to -USD0.19 from -USD0.23 and our 2027 LPS view to -USD0.11 from -USD0.15. BLDP reported Q1 2026 revenue of USD19.4M, up 26% Y/Y, driven by strong growth in rail (up 4,472% to USD5.1M) and stationary power (up 775% to USD5.2M), though Bus revenue declined 46% to USD6.8M due to delivery timing and EU funding delays. Q1 results showed encouraging metrics, and we see potential upside from major design wins with Wrightbus and Solaris for next-generation hydrogen bus platforms and a multiyear 50 MW agreement with New Flyer. However, its declining backlog remains a concern. The 12-month order book declined 2% to USD52.8M, while the total backlog fell 5% to USD112.9M. We applaud improving gross margin trends, reflecting successful execution of its cost reduction initiatives.
Research Alert: CFRA Maintains Hold Rating On Shares Of Ballard Power System Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price from $3.00 to $4.70, applying a price-to-sales multiple of 13x our 2026 sales-per-share view of $0.36. We adjust our 2026 loss per share (LPS) estimate to -$0.19 from -$0.23 and our 2027 LPS view to -$0.11 from -$0.15. BLDP reported Q1 2026 revenue of $19.4M, up 26% Y/Y, driven by strong growth in rail (up 4,472% to $5.1M) and stationary power (up 775% to $5.2M), though Bus revenue declined 46% to $6.8M due to delivery timing and EU funding delays. Q1 results showed encouraging metrics, and we see potential upside from major design wins with Wrightbus and Solaris for next-generation hydrogen bus platforms and a multiyear 50 MW agreement with New Flyer. However, its declining backlog remains a concern. The 12-month order book declined 2% to $52.8M, while the total backlog fell 5% to $112.9M. We applaud improving gross margin trends, reflecting successful execution of its cost reduction initiatives.