蔚来-SW蔚来乐道L90定价凸显性价比，销量有望超预期

西部证券

2025/08/07

事件：2025年7月31日，蔚来汽车旗下乐道品牌第二款车型乐道L90正式上市，六座版售价26.58-29.98万元，电池租用方式售价17.98-21.38万元；七座版售价27.18-29.98万元，电池租用方式售价18.58-21.38万元。解决用户空间体验痛点，全家人出行均可享受VIP待遇。乐道L90定位纯电大型SUV，车身尺寸长宽高分别为5145/1998/1766(1786)mm，轴距为...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080708302994d46bc7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4504","symbol_name":"桥水持仓","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080708302994d46bc7&s=b","article_id":"2557586203","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080708302994d46bc7&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, 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expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SW":1,"09866":0.6,"NIO":1,"EVS.SI":0.6,"NIO.SI":0.6},"content_text":"事件：2025年7月31日，蔚来汽车旗下乐道品牌第二款车型乐道L90正式上市，六座版售价26.58-29.98万元，电池租用方式售价17.98-21.38万元；七座版售价27.18-29.98万元，电池租用方式售价18.58-21.38万元。解决用户空间体验痛点，全家人出行均可享受VIP待遇。乐道L90定位纯电大型SUV，车身尺寸长宽高分别为5145/1998/1766(1786)mm，轴距为3110mm。大空间是L90的一大亮点，其中六座版二排过道宽度180mm，垂向高度1330mm，小朋友可自由穿梭；三排38°靠背最大调节角度，962mm有效头部空间，330mm高坐姿，92mm脚部垂向空间，185cm大个子可自由舒躺；七座版还有超大床模式，将整车座椅全部放倒，可形成长3150mm、宽1380mm的超大平层活动空间；除了430L标准容积后备箱，L90还增加240L智能电动前备舱，可车内语音、手机app、轻敲两下等多种方式开启，便于行李装卸。此外，整车采用轻量化技术，最低能耗14.5kWh/百公里。充换电时间均很快，其中换电只需3分钟，快充充电10%-80%约25分钟。全面切换为端到端模型，智能化赋能出行安全。乐道L90搭载英伟达Orin X辅助驾驶芯片和高通8295P高性能座舱芯片。此外，今年乐道智能辅助驾驶将全面切换为端到端模型，行车泊车更轻松便捷，驾驶更安全。满配不超30万元，定价凸显性价比。乐道L90全系标配座椅加热、智能电动冰箱、二排右侧小桌板、8英寸后排场景屏、ARHUD等舒适性配置，max和ultra版还有吸顶娱乐屏、空气悬架等，此外ultra版还加配二排右侧零重力座椅，售价不超30万元，性价比凸显。舒适性配置与全车内外大空间的组合，也十分适合大家庭、长途旅行群体，预计销量有望超预期。盈利预测：我们预计2025-2027年公司营收分别为990/1330/1487亿元，同比增长51%/34%/12%，当前股价对应2025-2027年PS分别为0.75/0.56/0.50倍。维持“增持”评级。风险提示：行业竞争加剧，公司销量不及预期风险；乐道、萤火虫等新品牌进展不及预期风险；换电站业务不及预期风险；汇率风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}