晨星：蔚来集团Q1利润率和成本控制仍令人失望下调公司公允价值预估

新浪财经2025-06-05

晨星高级股票分析师Vincent Sun在一份报告中称，蔚来集团第一季度利润率和成本控制表现令人失望。收入同比增长21%，但由于竞争加剧、库存清理以及车型组合变化，未能达到业绩指引的低端。该公司称销售疲软拖累了利润率，其10%的汽车利润率低于晨星的预期。如果管理层能够实现业绩指引，蔚来集团将有明显的上涨空间，但该券商仍对蔚来集团销售增长和亏损收窄的能力持谨慎态度。晨星将其对蔚来的公允价值...

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晨星：蔚来集团Q1利润率和成本控制仍令人失望 下调公司公允价值预估

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晨星：蔚来集团Q1利润率和成本控制仍令人失望下调公司公允价值预估