金吾财讯 | 蔚来（NIO）盘前下挫4.68%，暂报3.87美元。该股周三于港股市场收跌3.35%，收盘价报30.02港元。消息面上，美银证券发布研报指，蔚来第二季收入大致符合预期；整体毛利率略低于该行预测；营运支出占销售额比率19.5%，高于预期。该行表示，考虑到蔚来的次季业绩，下调公司2026至28年销量预测8%、12%及10%，并下调毛利率预测0.2、0.5及0.3个百分点，非通用会计准则净利润预测相应下调52%、54%及27%。该行将蔚来港股目标价由47港元下调至40港元，美股目标价由6美元下调至5.2美元，维持“中性”评级。中金表示，蔚来第二季业绩符合该行预期。由于市场竞争激烈、第三季销量按季平稳，下调2026/2027年NonGAAP净利润预测至7.5亿/40亿元人民币，前值为37亿/77亿元人民币。考虑盈利预测调整但高端市场份额提升，该行下调蔚来港股/美股目标价22%/22%至48港元/6.3美元，维持“跑赢行业”评级。
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