---
title: "《大行》汇丰降蔚来目标价至 32.1 元 料销量承压"
description: "汇丰将蔚来的目标价下调至 32.1 港元，预计销量承压。报告指出，蔚来首季净亏损按季收窄 3%，销量下跌 42%，毛利率下降 3 个百分点。预计未来几个季度将提高营运效率并推出成本降低措施，销量预测下调 9% 至 33 万辆，盈利预测下调 3% 至 6%。美股目标价由 4.5 美元降至 4.1 美元，维持「持有」评级。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/243813756.md"
published_at: "2025-06-10T04:10:12.000Z"
---

# 《大行》汇丰降蔚来目标价至 32.1 元 料销量承压

> 汇丰将蔚来的目标价下调至 32.1 港元，预计销量承压。报告指出，蔚来首季净亏损按季收窄 3%，销量下跌 42%，毛利率下降 3 个百分点。预计未来几个季度将提高营运效率并推出成本降低措施，销量预测下调 9% 至 33 万辆，盈利预测下调 3% 至 6%。美股目标价由 4.5 美元降至 4.1 美元，维持「持有」评级。

汇丰研究报告指，蔚来 (09866.HK) 首季净亏损按季收窄 3%，销量按季跌 42%，当中汽车毛利率按季跌 3 个百分点，反映 5566 系列去库存折扣。该行预期集团於未来几个季度将提高营运效率及推出成本降低措施，如人力资源优化和削减低回报项目。

销量方面，虽然产品周期正面，但该行料消费者降低支出和新型号竞争加剧，令销售目标仍然承压，因此将 2025 全年的销量预测下调 9% 至 33 万辆，并将 2025 至 26 年盈利预测下调 3% 至 6%，毛利率预测下调 0.9 个百分点。港股目标价由 34.9 港元降至 32.1 港元，蔚来 (NIO.US) 美股目标价由 4.5 美元降至 4.1 美元，维持「持有」评级。

### Related Stocks

- [NIO.US - 蔚来汽车](https://longbridge.com/zh-CN/quote/NIO.US.md)
- [NIO.SG - 蔚来汽车](https://longbridge.com/zh-CN/quote/NIO.SG.md)
- [09866.HK - 蔚来-SW](https://longbridge.com/zh-CN/quote/09866.HK.md)

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