蔚来-SW维持目标价62.7港元,评级“买入”,现金流转正,指引强劲

交银国际
Nov 28, 2025

一、研报核心观点交银国际发布研报,维持蔚来-SW(09866)港股目标价62.7港元和美股目标价8美元,并给予“买入”评级。基于蔚来2025年第三季强劲的毛利率表现及第四季的历史性高指引,交银国际认为公司正处于“多品牌、高增长”周期,并维持全年销售量预测为约34万辆。市场对蔚来此前的担忧已因毛利率修复和现金流转正有所缓解。二、三季度业绩亮点蔚来第三季度总收入达217.9亿元人民币,同比增长...

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