金吾财讯 | 蔚来(09866)股价持续走低，报41.00元，跌6.09%，成交额8400万元。
分析认为，据蔚来2026年Q1财报，公司当季交付83465辆，同比增长98.3%；营收255.3亿元，同比增长112.2%，Q1实现净利润4350万元，净利率不到0.2%。一季度蔚来整车毛利率为 18.8%，连续四个季度环比上行，毛利总额约 48 亿元。但当期研发费用占营收比例达 13.7%，叠加换电站、服务体系等运营开支，大幅压缩利润空间。产品结构方面，ES8 车型贡献公司整体五成毛利率，其单车毛利率超 20%，盈利结构相对脆弱，易受销量波动或竞品搅局影响。
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