德银:蔚来-SW(09866)10月销量创新高 目标价82港元

智通财经
Nov 11, 2025

智通财经APP获悉,德银发布研报称,蔚来-SW(09866)10月销量同比增长93%、环比增长16%至40397辆,创历史新高。公司管理层预计第三季度汽车毛利率将由10.3%提升至13%至14%,主要受惠于销量快速增长带来的营运杠杆效应。该行给予蔚来“买入”评级,目标价82港元。

报告指出,旗舰车型ES8 SUV上市41天内累计交付量已超过1万辆。按周计算,10月第一周至第四周的交付量分别约为6400辆、7300辆、10600辆及10300辆;月度交付量约4万辆,与实际交付量40397辆相符。

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