公司点评蔚来汽车（NIO US/9866 HK，持有，目标价：7美元/55港元）- 当前估值合理，持续扭亏尚待时日2Q25业绩符合预期：蔚来2Q25收入环比增长58%至190亿元，比我们的预测高出5%，主要得益于平均售价超预期及研发服务收入贡献。毛利率10%，符合预期；费用控制略好于预期，2Q25净亏损环比收窄至51亿元，符合预期。我们预期4Q25净亏损有望显著收窄但仍难盈利：管理层罗列了4Q25...
Source Link公司点评蔚来汽车（NIO US/9866 HK，持有，目标价：7美元/55港元）- 当前估值合理，持续扭亏尚待时日2Q25业绩符合预期：蔚来2Q25收入环比增长58%至190亿元，比我们的预测高出5%，主要得益于平均售价超预期及研发服务收入贡献。毛利率10%，符合预期；费用控制略好于预期，2Q25净亏损环比收窄至51亿元，符合预期。我们预期4Q25净亏损有望显著收窄但仍难盈利：管理层罗列了4Q25...
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