中金主要观点如下： 业绩符合市场预期，改革成效持续兑现 （原标题：中金：维持蔚来-SW(09866)跑赢行业评级 目标价62港元） 智通财经APP获悉，中金发布研报称，当前蔚来-SW(09866)美股及港股分别对应2026年0.7/0.8x P/S，维 持跑赢行业评级，港美股目标价分别为62港元/8美元，均对应2026年1.0x P/S，港股和美股分别较当前 股价存32%/46%的上行空间。公司公布3Q25业绩：营收为217.9亿元，整体业绩符合市场和该行预期。 在强劲的产品周期带动下，公司财报表示3Q经营性现金流和自由现金流均实现转正。此前公司于9月17 日完成11.6亿美元公开增发新股融资，所筹资金规划用于智能电动汽车核心技术的研发、新一代技术平 台及车型的开发、充换电基础设施的扩展，以及进一步优化公司资产负债表，增强资金实力，该行认为 公司安全垫持续提升。 风险提示：市场竞争加剧致需求不及预期，费用控制及换电合作不及预期。 公司3Q25交付87,071辆，实现营收217.9亿元。综合毛利率环比+3.9ppt至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23以来季度最好水平，主因推 ...

Core Viewpoint - The company reported 1Q25 performance in line with market expectations, with revenue of 12 billion and a Non-GAAP net loss of 6.28 billion, driven by seasonal factors and product iteration [1] Group 1: Financial Performance - 1Q25 revenue reached 12 billion, with a Non-GAAP net loss of 6.28 billion, aligning with market expectations [1] - Vehicle deliveries in 1Q25 totaled 42,094 units, showing a sequential decline [1] - The automotive gross margin decreased to 10.2%, but the company aims for some models to exceed a gross margin of 20% through pricing stability and cost reductions [1] Group 2: Future Outlook - The company plans to deliver 72,000 to 75,000 vehicles in 2Q25, with several new models expected to contribute to growth in 2025 [1] - The company initiated internal CBU reforms to enhance operational efficiency, with expected improvements in expense ratios starting from 2Q [2] - The target for R&D expenses in 2Q is to achieve a 15% efficiency improvement, aiming to control quarterly R&D expenses between 2 to 2.5 billion [2] Group 3: Product Development - The first version of the NWM (NIO World Model) was launched on May 30, focusing on safety and enhancing user experience across various driving scenarios [3] - The company has ensured that its smart driving technology can be updated and iterated, providing existing vehicle owners access to the latest advancements [3] Group 4: Valuation and Market Position - The current valuation for US and Hong Kong stocks corresponds to a 0.6x P/S for 2025, with a maintained outperform rating for 2025-26 Non-GAAP net profit [3] - Target prices for Hong Kong and US stocks have been reduced by 15% to 41 HKD and 5.3 USD, respectively, indicating potential upside of 47% and 41% from current prices [3]