---
title: "《大行》滙豐降蔚來目標價至 32.1 元 料銷量承壓"
description: "滙豐將蔚來的目標價下調至 32.1 港元，預計銷量承壓。報告指出，蔚來首季淨虧損按季收窄 3%，銷量下跌 42%，毛利率下降 3 個百分點。預計未來幾個季度將提高營運效率並推出成本降低措施，銷量預測下調 9% 至 33 萬輛，盈利預測下調 3% 至 6%。美股目標價由 4.5 美元降至 4.1 美元，維持「持有」評級。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/243813756.md"
published_at: "2025-06-10T04:10:12.000Z"
---

# 《大行》滙豐降蔚來目標價至 32.1 元 料銷量承壓

> 滙豐將蔚來的目標價下調至 32.1 港元，預計銷量承壓。報告指出，蔚來首季淨虧損按季收窄 3%，銷量下跌 42%，毛利率下降 3 個百分點。預計未來幾個季度將提高營運效率並推出成本降低措施，銷量預測下調 9% 至 33 萬輛，盈利預測下調 3% 至 6%。美股目標價由 4.5 美元降至 4.1 美元，維持「持有」評級。

滙豐研究報告指，蔚來 (09866.HK) 首季淨虧損按季收窄 3%，銷量按季跌 42%，當中汽車毛利率按季跌 3 個百分點，反映 5566 系列去庫存摺扣。該行預期集團於未來幾個季度將提高營運效率及推出成本降低措施，如人力資源優化和削減低迴報項目。

銷量方面，雖然產品週期正面，但該行料消費者降低支出和新型號競爭加劇，令銷售目標仍然承壓，因此將 2025 全年的銷量預測下調 9% 至 33 萬輛，並將 2025 至 26 年盈利預測下調 3% 至 6%，毛利率預測下調 0.9 個百分點。港股目標價由 34.9 港元降至 32.1 港元，蔚來 (NIO.US) 美股目標價由 4.5 美元降至 4.1 美元，維持「持有」評級。

### Related Stocks

- [NIO.US - 蔚來汽車](https://longbridge.com/zh-HK/quote/NIO.US.md)
- [NIO.SG - 蔚來汽車](https://longbridge.com/zh-HK/quote/NIO.SG.md)
- [09866.HK - 蔚來-SW](https://longbridge.com/zh-HK/quote/09866.HK.md)

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