【汇丰削蔚来目标价8%至32.1港元 维持持有评级】金十数据6月10日讯，汇丰发表报告，将蔚来汽车((NIO.N/09866.HK)目标价由4.5美元调低8.9%至4.1美元，由34.9港元调低8%至32.1港元，维持持有的投资评级。汇丰指，蔚来第一季低谷已过，成本削减即将到来，新车型及升级车型支撑销售增长，但定价与竞争仍严峻。该行预计，随着平均售价的提升和销量的提升，蔚来新产品的推出将推动利润率环比改善，但该行平均下调蔚来2025—26年全年毛利率0.9个百分点，这主要源自于全年销售前景疲软且面临竞争压力。汇丰表示，基于2025年底人民币兑港元汇率假设为1.06（之前为1.08），得出H股目标价32.10港元（之前为34.90港元）。鉴于2025年下半年销售增长前景不明朗，故维持对蔚来的持有投资评级。
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