金吾财讯 | 交银国际研报指，蔚来(09866)乐道L90正式登陆市场，整车起售价为26.58万元（Pro版；人民币，下同），而Max与Ultra版则分别为27.98万元与29.98万元。相较于7月10日公布的预售价（整车购买27.99万元起，BaaS方案19.39万元起），正式售价降低了约1.41万元。核心亮点在于“四驱性能+零重力座椅+全套空气悬挂系统”）也未突破30万元大关。综合考虑定价策略和渠道反馈，预计每月稳定销量将轻松超越市场预期的5000台。L90的成功，也将为后续发布的L80车型铺平道路，助力蔚来在销量上实现逆转。该机构认为未来市场焦点或在于蔚来的边际改善（特别是销量回升）的可持续性，同时降本效果能否达到市场的预期。虽然股价已较低位反弹50%，但目前蔚来2025年市销率仅为0.85倍，依然较新势力同行估值的1-2倍为低，边际改善股价或迎来持续反弹机会，维持买入评级。
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