摩根士丹利发布研报称，蔚来-SW（09866）管理层重申，公司将优先透过销量增长及经营杠杆推动利润增长，并重申今年达成非公认会计准则（non-GAAP）经调整盈利的目标。该行予蔚来H股“增持”评级，目标价68.5港元。
该行指，公司预计可透过提升效率，将车辆毛利率稳定在约18%水平。同时，下半年销售、一般及行政费用占收入比例预计将降至10%至11%，长远将低于10%；non-GAAP研发开支则维持在每季约25亿元人民币。
该行认为，蔚来的资产负债表融资压力已消除，预计（第三季）现金及等价物逾600亿元人民币，明年则逾700亿元人民币，换电业务预料于三年内接近盈亏平衡。
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