智通财经APP获悉，瑞银发布研报称，首次覆盖蔚来-SW(09866)港股，给予“买入”评级，目标价43港元。该行预计蔚来2026年收入将达1316.63亿元人民币，预期公司于2027年实现扭亏为盈，录得净利润16.84亿元人民币。目前蔚来股价对应2026/27年市销率(P/S)仅为0.5倍与0.4倍。
瑞银指出，国内汽车市场竞争激烈，但消费能力提升，高端纯电动车市场仍展现强劲韧性。今年蔚来凭借品牌忠诚度与高端定位，成为少数同时销量同比增长超50%、平均售价上升，且新车上市半年后仍能维持月销万辆以上的品牌。
该行认为，产品组合的换代将成为蔚来未来的核心增长引擎。蔚来计划于2027年对采用旧款400V系统的ES6及ET5进行改款升级，配合旗舰车型ES8与ES9的商业成功及近5000座换电站的网络效益，预计改款车型将显著推动2027年的收入增长与毛利率改善。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.