金吾财讯 | 蔚来（NIO）美股盘前股价走高，截至发稿，最新报3.75美元，上涨1.64%。该股周一于港股市场收涨2.88%，收盘价报29.34港元。消息面上，蔚来用户运营负责人杨波周一在微博上宣布，公司本周即将实现第三代ES8的第15万辆交付。此外，瑞银新近研报首次覆盖蔚来港股，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。
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