【券商聚焦】招银国际维持蔚来“持有”评级 指其4Q25控费优于预期 26年挑战犹存

金吾财讯
Mar 11

(原标题:【券商聚焦】招银国际维持蔚来(09866/NIO)“持有”评级 指其4Q25控费优于预期 26年挑战犹存)金吾财讯 | 招银国际表示,蔚来(09866/NIO)4Q25研发及销管费用显著低于预期:蔚来4Q25收入同比增长76%至347亿元,毛利率环比上升3.6个百分点至17.5%,与该机构的预期一致。4Q25实现non-GAAP经营利润12.5亿元,高于此前8-12亿元的盈利预告。研发和...

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