金吾财讯 | 蔚来(09866)高开3.94%，报29.05港元，盘前成交额400.63万港元。
公司5月交付新车23231台，同比增长13.1%。其中，蔚来品牌交付新车13270台，乐道品牌交付新车6281台，firefly萤火虫品牌在其首个完整交付月交付新车3680台。
在6月4日沟通会上，蔚来汽车CEO李斌说道，“我们相信，最低的谷底已经在今年一季度，从今年二季度开始进入到上升通道。”
交银国际研报指，公司1季度汽车收入99亿元，低于市场预期，其中汽车毛利率由4季度的13.1%回落至1季度的10.2%，主要是由于单车价格下滑和销量环比下滑所拖累。蔚来的净亏损为67.50亿元，同比增长30.2%。蔚来计划2季度交付7.2万-7.5万辆，这也意味着，6月份蔚来汽车要交付2.5-2.9万辆。该机构认为1季度业绩低于预期并不意外。核心在于边际改善（特别是销量回升）的可持续性，同时降本效果是不是达到市场的预期。目前蔚来的2025年市销率为0.58倍，下行空间有限，边际改善股价迎来短期反弹机会，维持买入评级。
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