-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：基于现金流折现分析，我们将PSNY的12个月目标价从8美元下调至5美元，这意味着该目标价高于有形账面价值。由于销量下降和成本上升的假设，我们调整后的EBITDA预期略有下降，因为我们现在假设PSNY在2026年的销量仅增长3%。PSNY第四季度净亏损7.99亿美元，远低于市场普遍预期的4.52亿美元，但高于2024年第四季度的11.83亿美元。更重要的是，展望未来，管理层的业绩指引较为谨慎，尽管他们仍然预计其全球零售销量将在2025年实现两位数低增长，达到60,119辆。考虑到全球电动汽车销量增长放缓，我们认为这一指引可能过于乐观。尽管如此，尽管12月进行了1比30的反向股票分割，该公司股价近期表现依然优异。我们预计现金消耗将持续高企，若无沃尔沃/吉利汽车控股有限公司（175港元，25****）或其他方面的额外支持，则重组风险将会增加。我们预测该公司2026年的自由现金流为-12亿美元，而2025年为-13.7亿美元。
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