【券商聚焦】兴业证券给予蔚来-SW(09866)“买入”评级 预计公司交付量有望再上新台阶

金吾财讯
Mar 13

金吾财讯 | 兴业证券研报指,蔚来-SW(09866)25Q4销量及盈利能力大幅增长,经营利润及净利润均扭亏为盈。公司持续扩大销售服务及充换电网络。展望2026年,蔚来将进一步优化补能体验,新增超1000座换电站并开启第五代换电站的规模部署。展望2026年,三品牌多款新产品将陆续上市,带动公司销量再上新台阶。其中,蔚来品牌ES9产品技术发布会将于4月9日举行,是蔚来11年技术集大成之作。此外,2026款ET5、ET5T、ES6、EC6将于近期上市。ET9地平线特别版将推出更多主题版本。乐道品牌L80定位“全球首款双舱超级大五座SUV”将于第二季度正式上市,乐道L90将新增双色车身选择,并推出激光雷达版新版型,乐道L60也将迎来全面升级与焕新。萤火虫品牌将推出多款特别版车型并加快全球化布局,计划陆续拓展至近40个市场。蔚来定位高端智能电动车,公司2025年多款产品仍在强劲生命周期,伴随公司2026年三品牌多款新产品陆续上市、销售服务及充换电网络进一步扩大,该机构预计公司交付量有望再上新台阶。该机构预计2026-2028年公司有望分别实现销售收入1272.96/1542.76/1730.59亿元,给予“买入”评级。

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