公司点评蔚来(NIO US,持有,目标价:4美元) - 季度亏损有望收窄,但4Q25盈亏平衡的目标难以实现1Q25业绩低于预期:1Q25收入较我们先前预测低2%。1Q25毛利率7.6%,低于我们的预测0.7个百分点,主要因整车毛利率不及预期。1Q25营业亏损64亿元,低于我们的预测10亿元,主要因销售及管理费用比我们的预测高9亿元;1Q净亏损69亿,较我们的预期扩大13亿元。公司4Q25盈亏平衡...
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