证券研究报告 蔚来 (NIO US) Q3 毛利率大幅改善 强爆款周期延续，乐道 L80 与全新 ES7 成核心看点 展望 2026 年，我们看好公司延续强爆款新车周期，重点推荐关注乐道 L80 与全新 ES7：乐道 L80 定位纯电大型大五座 SUV，基于 NT3.0 平台打造， 外观内饰延续 L90 设计并新增黑色套件等细节，动力沿用 L90 的后驱 （340kW）/四驱（340kW+100kW）版本，我们预计定价 23-28 万元并于 26Q2 上市，将与 L90 形成"大三排+大五座"的家庭 SUV 矩阵；全新 ES7 定 位高端大五座旗舰 SUV，车身尺寸接近或超过 5.1 米，参考新 ES8 的"大 空间+全场景"打法，我们预计售价 30-40 万元并于 26Q3 上市，以更低门 槛满足多孩家庭对高端大空间的需求。有望进一步强化公司在纯电 SUV 市 场的覆盖力。我们认为，乐道 L80 的性价比优势与全新 ES7 的高端定位将 形成互补，持续推动蔚来在 2026 年的销量增长与市场份额提升。 2025 年 11 月 28 日│美国 乘用车 公司公布三季度业绩：25Q3 实现收入 218 亿元，同比 ...

得益于交付量的提升，蔚来第三季度实现营收217.94亿元，较去年同期增长16.7%，较今年第二季度增 长14.7%。 近一年，蔚来创始人、董事长兼CEO李斌多次在公开场合表示，蔚来必须在2025年第四季度实现单季度 盈利。财报发布当晚，李斌在财报电话会上再次明确了这一盈利目标。 李斌的信心主要来自公司高毛利车型——全新ES8（整车购买价格为40.68万～44.68万元，电池租用购 买价格为29.88万～33.88万元）已经积累了大量订单。 他坦言，虽然置换补贴退坡对低价车型订单产生一定冲击，比如乐道L60、L90等车型，但公司已对现 有订单用户承诺政策兜底，整体毛利的影响在预期范围之内。 第三季度，蔚来的汽车业务毛利率为14.7%，创近三年来新高，较去年同期（13.1%）和今年第二季度 （10.3%）有明显的提升，综合毛利率也由此前约10%的水平提升至第三季度的13.9%。 蔚来首席财务官曲玉分析认为，毛利率提升主要得益于三方面因素：一是销量增长带来的供应链降本； 二是产品结构改善，第三季度交付超2万辆乐道L90，全新ES8的毛利率为20%；三是"5566"产品矩阵中 的"55"（指蔚来ET5、ET5T）与乐 ...

今年四季度的营收指引，理想把最高收入定在了292亿元，这个数字不算差，但如果对比蔚来同期最高指引的340.7亿元时，感觉可能就不太一 样了。 就在一年多前，局面还截然相反，理想曾是月销冲上5万辆的尖子生，而蔚来则被一些人视为需要抢救的对象。如今的蔚来和小鹏，月交付量 站在4万辆以上，理想反而回落至3万多辆的区间。 李想在反思中提到了英伟达和特斯拉，这两家公司是车圈共同的"诗和远方"，不过，李想迫在眉睫的问题是如何提振销量，打一场胜仗，而 这个问题，身边的兄弟李斌正好提供了现成的答案。 李想指出，英伟达和特斯拉仍以创业公司的方式管理，"如果全世界最强的公司都是创业公司的管理模式，理想汽车有什么理由放弃最擅长的 方式？" 学习特斯拉、回归创业公司的管理方式，这将意味着公司的治理模式也会发生重大改变，起码在管理上，李想要将过去下放的部分权力收 回，由李想自己掌控决策权，并且为之负责。 过去一年左右，李想对多位具有华为背景的高管进行了职务调整，这被外界普遍解读为李想在业绩承压后，重新收权、调整战略方向的组织 举措。 今年的三季度财报，理想汽车净亏损6.24亿元，这是理想在连续11个季度盈利之后出现的首次亏损。 业绩电 ...

多品牌战略落地见效，构建韧性增长生态 财报背后，是新能源汽车市场的结构性变化：纯电大三排 SUV 已成为用户新宠，销量连续两月超越插混、增程车型。乘联会数据显示，10 月纯电大三排 SUV 销量达 3.99 万台，而增程车型持续下滑；新势力中纯电与增程车型占比从去年同期的 49:51 变为 74:26，市场偏好已清晰转向纯电。 蔚来无疑是这一赛道变革的最大受益者。凭借全栈自研的三电技术、热管理及底盘调校能力，蔚来在纯电大车赛道率先卡位，其产品不仅解决了用户对纯电续航 与补能的核心疑虑，更以 "好用" 的产品体验重新定义了高端电动出行。 从行业发展逻辑来看，纯电大车赛道的爆发并非偶然，而是技术成熟、基础设施完善与用户需求升级共同作用的结果。蔚来提前布局这一高价值赛道，通过持续 的技术投入构建起竞争壁垒，未来随着明年三款全新大车的推出，有望进一步扩大市场份额，充分享受赛道增长红利 蔚来 "蔚 - 乐 - 萤" 三品牌战略在本季度全面开花，成为业绩增长的核心支撑。第三季度，蔚来品牌交付 3.69 万辆高端智能电动车，乐道品牌交付 3.77 万辆家 庭智能电动车，萤火虫品牌交付 1.25 万辆智能电动高端小车，三大品 ...

今年前三季度，蔚来虽然累计亏损约 152 亿元，但第三季度亏损 34.8 亿元，同比收窄 31.2% 。 而且蔚来在第三季度多个指标都创下近年来新高，其中所有车型交付 8.7 万辆，同比增长 40.8% ；营收 217.9 亿元，同比增长 16.7% ；整车 毛利率提升至 14.7% ，创近三年新高。 导语："蔚来"ES8价格低了，蔚来收入高了；蔚来销量多了，"蔚来"汽车卖的少了。 蔚来有信心在今年第四季度达成盈利目标，在蔚来第三季度财报电话会上，蔚来创始人、董事长李斌再次表示。 李斌的信心来自乐道和全新 ES8 的销量和高毛利，他甚至乐观的表示， 2026 年的经营目标是整年盈利。 但在蔚来 "扭亏"的路上， 蔚来品牌的高端车型销量下降，研发费用缩减， 是正在发生的"代价"。 李斌曾经的高端车路线，在现实面前不得不 "弯下腰"，向低端车市场获取现金流。 "蔚来"汽车少卖了3.7万辆 蔚来季度财报显示，乐道品牌自 2024 年 9 月份上市后， 销量按季度算持续攀升，从最初的 832 辆，已经提升到 2025 年三季度的 37656 辆；乐道"出道"至今，已累计交付超过 9 万辆。 但同时， "蔚来"品牌的销 ...

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Core Viewpoint - NIO's founder and CEO Li Bin emphasized the company's commitment to focusing solely on the automotive business and not diversifying into other sectors like AI or robotics [2][7]. Financial Performance - Li Bin expressed confidence in achieving profitability in Q4 2025, with a target revenue of between 327.58 billion to 340.39 billion yuan [4][5]. - In Q3 2025, NIO reported an adjusted net loss of 2.74 billion yuan, a year-on-year decrease of 38.0% and a quarter-on-quarter decrease of 33.7% [5]. - The gross margin for NIO in Q3 2025 was 13.9%, the highest quarterly margin in three years, with a vehicle gross margin of 14.7%, reflecting a year-on-year increase of 1.6 percentage points and a quarter-on-quarter increase of 3.4 percentage points [5][6]. Product Strategy - NIO plans to launch three new electric vehicle models in 2026, alongside the recently introduced ES8 and L90, aiming to enhance gross margins through cost reduction and expense control [6]. - The company is focusing on high-priced, high-margin models, which have shown better-than-expected delivery numbers [5]. Market Positioning - NIO currently holds less than 2% of the global automotive market share, indicating significant growth potential within the automotive sector [7]. - Li Bin stated that while the robotics market is substantial, NIO will not enter this field immediately, preferring to concentrate on selling cars [9]. Company Focus - NIO aims to become a "super-focused" company, with all future business closely related to the automotive industry [7]. - The company has previously ventured into other areas, such as AR glasses, but has not made significant progress in those sectors [8].

Core Viewpoint - NIO's founder and CEO Li Bin emphasized the company's commitment to focusing solely on the automotive business and not diversifying into other sectors, particularly in response to the competitive landscape of new energy vehicles [2][12][14]. Financial Performance - NIO expressed confidence in achieving profitability by the fourth quarter of 2025, with a target for full-year profitability in 2026 [6][11]. - In Q3 2025, NIO reported a significant reduction in adjusted net losses to 2.74 billion yuan, a decrease of 38% year-over-year and 33.7% quarter-over-quarter [7]. - The company’s revenue guidance for Q4 2025 is projected between 32.758 billion yuan and 34.039 billion yuan, with a gross margin of 13.9%, marking the highest quarterly gross margin in three years [8][9]. Product Strategy - NIO plans to launch new high-margin models, including the all-new ES8 and the L90, which are expected to contribute to revenue growth and improved gross margins [11]. - The company is focusing on organic growth and optimizing financial metrics such as gross profit and gross margin, with the current vehicle gross margin at 14.7%, up 1.6 percentage points year-over-year [8][9]. Market Position - NIO currently holds less than 2% of the global automotive market share, indicating significant room for growth within the automotive sector [14]. - The company aims to maintain a strong focus on electric vehicle products and services, distancing itself from ventures into AI and robotics, despite recognizing the potential in those markets [12][16]. Competitive Landscape - NIO's strategy contrasts with other new energy vehicle manufacturers like XPeng and Li Auto, which are exploring AI and robotics, with XPeng's CEO claiming a 99.999% probability of achieving profitability in Q4 2025 [7][8]. - Li Bin acknowledged the potential of the robotics market but reiterated that NIO's current priority is to solidify its position in the automotive industry [16].

Core Insights - NIO reported a strong performance in Q3 2025, with vehicle deliveries reaching 87,071 units, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [1] - Revenue for Q3 2025 was 21.79 billion yuan, reflecting a year-on-year growth of 16.7% and a quarter-on-quarter growth of 14.7%, marking record highs for both delivery volume and revenue [1][2] - The company achieved a gross margin of 14.7% for vehicles and a comprehensive gross margin of 13.9%, the highest levels in nearly three years [1][2] - NIO's cash reserves increased significantly to 36.65 billion yuan, indicating improved operational health with positive operating cash flow and free cash flow [1][2] Q4 Guidance - NIO provided optimistic guidance for Q4, expecting to deliver between 120,000 and 125,000 vehicles, with projected revenue between 32.76 billion and 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8% [3] - The company aims for a vehicle gross margin of around 18% in Q4, with expectations for a significant increase in the delivery volume of the new ES8 model [3] Brand Strategy and Market Position - NIO's three-brand strategy ("NIO," "Lao Dao," and "Firefly") has shown significant results, with October deliveries of 17,143 units for NIO, 17,342 units for Lao Dao, and 5,912 units for Firefly, indicating strong competitive advantages across different market segments [4] - The company plans to launch three new large vehicles next year, enhancing its product lineup and aligning with market trends [4] Market Trends - The penetration rate of pure electric vehicles in the passenger car market reached 55% in Q3, with pure electric vehicle sales growing by 26% year-on-year, while range-extended and plug-in hybrid models saw declines [6] - In the high-end market, the penetration rate of pure electric vehicles is rapidly increasing, with significant growth potential identified in the segment priced above 300,000 yuan [6] Infrastructure Development - NIO has established a comprehensive energy infrastructure with 8,386 charging facilities, including 3,581 battery swap stations and 4,805 charging stations, leading the industry in scale [7] - The rapid deployment of battery swap stations enhances user experience and alleviates range anxiety, providing a competitive edge over traditional automakers [7] Future Outlook - The company aims to achieve profitability in the upcoming year, with expectations for large vehicles to contribute significantly to overall sales and gross margin growth [8] - NIO's focus on high-quality development and sustainable growth positions it well within the evolving automotive industry landscape [8]

芯联集成（688469.SH）11月27日在投资者互动平台表示，公司的SiC产品持续迭代，最新一代SiC MOSFET性能已达到全球领先。在客户开拓方面，公司SiC业务量产客户已有10余家，定点及导入中的 客户约40家。具体客户信息涉及到商业秘密，不便披露。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司和蔚来合作的SiC碳化硅模块，是否已经搭载 在蔚来新款ES8，以及乐道L60、L90车型上？ ...