中金发表研究报告指，蔚来-SW(09866.HK) (NIO.US) 乐道L90预售定价超市场预期，预计L90 有望在高端大三排SUV市场保持领先。蔚来于次季合计交付72,056辆车，符合此前指引7.2万至7.5万辆交付量。另外，公司启动了内部的CBU改革(Cell Business Unit)，首季业绩会中，公司表示相关改革举措有望从次季起逐渐体现在报表中，费用端效率有望逐步优化，该行期待公司实现今年第四季盈利转正指引。
报告又指，在强劲产品周期带动下，公司业绩会中指引营运现金流持续提升，全年自由现金流有望实现正向流入。考虑到市场竞争加剧且公司持续推进降本增效，该行将2025及26年收入预测分别下调11%及3%，至887亿及1,307亿元人民币，维持“跑赢行业”评级，维持港股及美股目标价41港元及5.3美元。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-11 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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