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控盘小韭菜

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控盘小韭菜

08-25 22:05

$理想汽车(LI)$ Q2 转亏为盈[开心]

控盘小韭菜

08-25 14:19

$蔚来-SW(09866)$ 不会破 30 了吧

控盘小韭菜

06-25

$蔚来(NIO)$ 不能回购一下吗？高管带头买啊，**服了

控盘小韭菜

08-27 22:13

$理想汽车(LI)$ 长期看好

控盘小韭菜

06-04

$蔚来(NIO)$ 有本事继续砸😡

控盘小韭菜

08-06

$蔚来-SW(09866)$ 不回购的垃圾

控盘小韭菜

08-06

$蔚来-SW(09866)$ 卖这么好，为什么还跌

控盘小韭菜

06-08

$理想汽车-W(02015)$ 【#上海蔚来汽车发生火情#】6月1日，有网友在社交媒体发帖称上海一商场发现火情，不少网友在现场闻到了刺鼻气味。据《东方网》报道，火情系车辆火灾引起，目前具体火灾原因还在调查中。根据现场视频显示，涉事车辆为蔚来品牌旗下汽车，截止到发稿，蔚来暂未对此进行公开回应。

控盘小韭菜

08-25 20:52

牛逼准备麻袋装钱[得意] 一起加电

财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多

控盘小韭菜

2025-12-31

$理想汽车-W(02015)$ 人家跌你跟跌，人家涨你还跌，垃圾

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长期看好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601305021252856","isVote":1,"tweetType":1,"viewCount":39,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600933528330248,"gmtCreate":1787749266291,"gmtModify":1787749268145,"author":{"id":"3499255624778112","authorId":"3499255624778112","name":"控盘小韭菜","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3499255624778112","authorIdStr":"3499255624778112"},"themes":[],"title":"","htmlText":"起飞","listText":"起飞","text":"起飞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600933528330248","repostId":"1193785736","repostType":2,"repost":{"id":"1193785736","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1787617046,"share":"https://www.laohunote.com/m/news/1193785736?lang=zh_CN&edition=full","pubTime":"2026-08-25 08:17","market":"sh","language":"zh","title":"财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多","url":"https://stock-news.laohu8.com/highlight/detail?id=1193785736","media":"财报Agent","summary":"蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。","content":"<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>","collect":0,"html":"<!DOCTYPE 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2026-08-25 08:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193785736","content_text":"摘要\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n市场预测\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n上季度回顾\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n本季度展望\n车型与交付节奏\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。\n利润与成本控制路径\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。\n补能网络与生态协同\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。\n多品牌矩阵的协同效应\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。\n现金流与营运质量关注点\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。\n分析师观点\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。","news_type":1,"symbols_score_info":{"NIO":1}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalSc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href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$&nbsp;</a><v-v data-views=\"1\"></v-v>Q2 转亏为盈[开心]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$&nbsp;</a><v-v data-views=\"1\"></v-v>Q2 转亏为盈[开心]&nbsp;&nbsp;","text":"$理想汽车(LI)$ Q2 转亏为盈[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600595436749032","isVote":1,"tweetType":1,"viewCount":423,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3551305470267857","authorId":"3551305470267857","name":"Richard凉介","avatar":"https://static.tigerbbs.com/4e92574d3ac8de4c0c288bb704f5ca43","crmLevel":1,"crmLevelSwitch":1,"idStr":"3551305470267857","authorIdStr":"3551305470267857"},"content":"你在做梦，i 6是主要销量，毛利那么低","text":"你在做梦，i 6是主要销量，毛利那么低","html":"你在做梦，i 6是主要销量，毛利那么低"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600577217966568,"gmtCreate":1787662329272,"gmtModify":1787662949952,"author":{"id":"3499255624778112","authorId":"3499255624778112","name":"控盘小韭菜","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3499255624778112","authorIdStr":"3499255624778112"},"themes":[],"title":"","htmlText":"牛逼 准备麻袋装钱[得意]&nbsp; 一起加电","listText":"牛逼 准备麻袋装钱[得意]&nbsp; 一起加电","text":"牛逼 准备麻袋装钱[得意] 一起加电","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600577217966568","repostId":"1193785736","repostType":2,"repost":{"id":"1193785736","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1787617046,"share":"https://www.laohunote.com/m/news/1193785736?lang=zh_CN&edition=full","pubTime":"2026-08-25 08:17","market":"sh","language":"zh","title":"财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多","url":"https://stock-news.laohu8.com/highlight/detail?id=1193785736","media":"财报Agent","summary":"蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。","content":"<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>","collect":0,"html":"<!DOCTYPE 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2026-08-25 08:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193785736","content_text":"摘要\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n市场预测\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n上季度回顾\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n本季度展望\n车型与交付节奏\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。\n利润与成本控制路径\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。\n补能网络与生态协同\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。\n多品牌矩阵的协同效应\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。\n现金流与营运质量关注点\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。\n分析师观点\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。","news_type":1,"symbols_score_info":{"NIO":1}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalSc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性价比又高了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/578573179593288","repostId":"2645090852","repostType":2,"repost":{"id":"2645090852","kind":"news","pubTimestamp":1782229095,"share":"https://www.laohunote.com/m/news/2645090852?lang=zh_CN&edition=full","pubTime":"2026-06-23 23:38","market":"sh","language":"zh","title":"理想推L9 Ultra具身智能选装包：2万元解锁双马赫M100芯片与多向激光雷达","url":"https://stock-news.laohu8.com/highlight/detail?id=2645090852","media":"快科技","summary":"快科技6月23日消息，理想汽车今日发布全新L9 Ultra马赫具身智能套装，限时选装价2万元 ，覆盖新购车、已锁单未提车及已提车三类用户。套装核心升级五项硬件：双马赫M100芯片、侧向固态可变焦激光雷达x2、后向固态可变焦激光雷达、智能三色星环大灯、智能电动门。据了解，马赫M100芯片作为理想自研的智驾芯片，双芯配置意味着算力冗余大幅提升，为后续OTA升级更高阶的端到端智驾能力预留了硬件空间。","content":"<html><body><p>快科技6月23日消息，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>今日发布全新L9 Ultra马赫具身智能套装，<strong>限时选装价2万元（原价3万元），覆盖新购车、已锁单未提车及已提车三类用户。</strong></p><p>套装核心升级五项硬件：<strong>双马赫M100芯片、侧向固态可变焦激光雷达x2、后向固态可变焦激光雷达、智能三色星环大灯、智能电动门。</strong></p><p><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>双M100芯片叠加多向激光雷达，可将L9 Ultra的感知算力和覆盖范围拉到新高度，侧向和后向固态可变焦激光雷达补齐了城市NOA最依赖的侧面和后方感知盲区。</p><p>购买方式上，新购车用户可直接在官网选配页面下单选装；2026年6月26日24点前完成锁单但尚未交付的用户，可参与限时改配，但改配可能影响排产和交付节奏，具体以交付专家查询为准。</p><p><strong>已提车用户同样能享受2万元限时优惠价，理想将安排售后安装服务，</strong>与未交付车辆选装价格保持一致，具体购买及服务流程将在7月内公布。</p><p>据了解，马赫M100芯片作为理想自研的智驾芯片，双芯配置意味着算力冗余大幅提升，为后续OTA升级更高阶的端到端智驾能力预留了硬件空间。</p><p>侧向和后向固态可变焦激光雷达的加入，则让L9 Ultra在复杂城区场景下的感知能力更接近“无盲区”状态，可变焦特性还能根据场景动态调节探测精度和范围。</p><p>而理想的这套具身智能套装，<strong>此前只在L9 Livis上提供，后者售价50.98万元，比售价45.98万元的Ultra版贵出5万元。</strong></p><p>而今，理想将具身智能套装以2万元的限时价开放给Ultra用户选装，意味着Ultra用户也能体验到满血版的Livis辅助驾驶和智能座舱，且2万元的选装价极有诚意。</p><p><img 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href=\"https://tech.ifeng.com/c/8uCX0Cv6xQq\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4099":"汽车制造商","BK4588":"碎股","LI":"理想汽车","BK4526":"热门中概股","BK4563":"昨日强势股","BK4585":"ETF&股票定投概念","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4548":"巴美列捷福持仓","BK4503":"景林资产持仓","BK4555":"新能源车","02015":"理想汽车-W","BK4551":"寇图资本持仓"},"source_url":"https://tech.ifeng.com/c/8uCX0Cv6xQq","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2645090852","content_text":"快科技6月23日消息，理想汽车今日发布全新L9 Ultra马赫具身智能套装，限时选装价2万元（原价3万元），覆盖新购车、已锁单未提车及已提车三类用户。套装核心升级五项硬件：双马赫M100芯片、侧向固态可变焦激光雷达x2、后向固态可变焦激光雷达、智能三色星环大灯、智能电动门。双M100芯片叠加多向激光雷达，可将L9 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【#上海蔚来汽车发生火情#】6月1日，有网友在社交媒体发帖称上海一商场发现火情，不少网友在现场闻到了刺鼻气味。据《东方网》报道，火情系车辆火灾引起，目前具体火灾原因还在调查中。根据现场视频显示，涉事车辆为蔚来品牌旗下汽车，截止到发稿，蔚来暂未对此进行公开回应。","listText":"<a href=\"https://laohu8.com/S/02015\">$理想汽车-W(02015)$&nbsp;</a>&nbsp; 【#上海蔚来汽车发生火情#】6月1日，有网友在社交媒体发帖称上海一商场发现火情，不少网友在现场闻到了刺鼻气味。据《东方网》报道，火情系车辆火灾引起，目前具体火灾原因还在调查中。根据现场视频显示，涉事车辆为蔚来品牌旗下汽车，截止到发稿，蔚来暂未对此进行公开回应。","text":"$理想汽车-W(02015)$ 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一起加电","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600577217966568","repostId":"1193785736","repostType":2,"repost":{"id":"1193785736","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1787617046,"share":"https://www.laohunote.com/m/news/1193785736?lang=zh_CN&edition=full","pubTime":"2026-08-25 08:17","market":"sh","language":"zh","title":"财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多","url":"https://stock-news.laohu8.com/highlight/detail?id=1193785736","media":"财报Agent","summary":"蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。","content":"<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>","collect":0,"html":"<!DOCTYPE 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{color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻｜蔚来本季度营收预计增68.13%，机构观点偏多\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2026-08-25 08:17</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><h2><b>摘要</b></h2>\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n<h2><b>市场预测</b></h2>\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n<h2><b>上季度回顾</b></h2>\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n<h2><b>本季度展望</b></h2>\n<h4><b>车型与交付节奏</b></h4>\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。</p>\n<p><h4><b>利润与成本控制路径</b></h4>\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。</p>\n<p><h4><b>补能网络与生态协同</b></h4>\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。</p>\n<p><h4><b>多品牌矩阵的协同效应</b></h4>\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。</p>\n<p><h4><b>现金流与营运质量关注点</b></h4>\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。</p>\n<p><h2><b>分析师观点</b></h2>\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193785736","content_text":"摘要\n蔚来将于2026年09月01日美股盘前发布最新财报，市场关注高增长是否延续及利润端修复进度。\n市场预测\n市场一致预期本季度蔚来营收约人民币334.89亿，同比增长68.13%；调整后每股收益-0.21元，同比提升90.51%。公司上一季度未在公开口径对本季度营收、毛利率、净利率、调整后每股收益给出明确指引，当前对毛利率与净利率暂无一致预测。\n公司主营为整车销售，上季度汽车业务收入227.84亿，占比89.23%，结合2026年07月交付35,934台、同比增长71.00%，量能延续是本季度收入的主要支撑。发展前景较大的存量业务包括补能与服务生态，上季度“其他”收入27.49亿，在多品牌协同与网络利用率提升背景下，相关业务预计维持上行节奏。\n上季度回顾\n上季度蔚来实现营收人民币255.33亿，同比增长112.16%；毛利率19.03%；归属于母公司股东的净利润-4.96亿，净利率-1.94%；调整后每股收益0.02元，同比增长100.66%。\n业务结构方面，汽车收入227.84亿，占营收89.23%，其他业务27.49亿；净利润环比变动为-505.09%，利润端承压。交付进入三季度起步阶段延续高增，2026年07月交付35,934台、同比增长71.00%，为后续营收释放提供动能。\n本季度展望\n车型与交付节奏\n进入三季度，交付节奏延续上行：2026年07月交付35,934台，同比增长71.00%，其中蔚来品牌20,008台、乐道品牌10,155台、萤火虫品牌5,771台，结构上呈现多品牌协同发力，有利于覆盖更广的用户人群与价位区间。6月份单月交付40,597台、同比增长62.90%，叠加07月高增，使得季内开局较好，为收入确认提供数量基础。全新ES8自上市约305天累计交付达13.00万台，说明成熟车型的生命周期与认知度有助于稳定高客单价车型的订单消化。基于数量与结构的共同作用，结合一致预期营收334.89亿，本季度收入端实现高增具备可验证的交付支撑，但需跟踪到店转化与区域间节奏差异对环比走势的影响。\n利润与成本控制路径\n利润端，市场预期调整后每股收益-0.21元，同比提升90.51%，反映单位盈利能力相较去年同期明显改善的趋势，但仍处于亏损区间。上季度毛利率为19.03%，若交付规模继续扩大而价格体系保持稳定，规模效应与BOM的持续优化有望对毛利率形成托底；另一方面，营销与研发的投入节奏、折旧摊销与保有量相关的服务成本，都会影响净利率的修复斜率。结合一致预期本季度营收高增与EBIT预估为-5.75亿、同比改善87.62%，利润率改善的方向较为明确，但何时实现盈亏平衡仍取决于费用效率与单车毛利的同步提升。\n补能网络与生态协同\n补能与服务生态是公司“其他”业务的重要承载，上季度“其他”收入27.49亿，多品牌共享网络带来的规模效应正在释放。年内公司加速补能基础设施布局，已形成广覆盖的充换电网络，并规划在现有网络基础上新增站点，以提升用户使用便利性与网络利用率。随着品牌矩阵销量提升，网络的边际利用率有望继续上行，带动服务相关收入与用户黏性的双重改善；短期看，网络扩张带来的资本支出与折旧摊销会对利润端构成压力，长期看，网络利用率与单站效率提升是摊薄成本、增强生态粘性的关键变量。\n多品牌矩阵的协同效应\n三品牌协同已在交付数据中体现：07月三品牌交付均创历史高位区间，年初至今累计交付227,057台，同比增长68.00%。矩阵化能够在价格带、空间与智能化需求差异化的前提下，提升线索覆盖与渠道效率，并通过共享研发与补能体系，强化规模效应。对于利润端而言，矩阵化不等同于短期内利润率自然提升，关键仍在于单车毛利、渠道费用效率与生态收入的匹配，当数量稳定增长时，费用率改善的弹性才会被逐步释放。本季度需重点观察各品牌热销车型的订单延续性与交付转化，以及由此带来的毛利率结构变化。\n现金流与营运质量关注点\n数量扩张阶段，现金流管理与营运质量至关重要。上季度净利率为-1.94%，净利润环比变动为-505.09%，反映费用投放与成本结构阶段性承压，本季度在维持交付高增的同时，若库存周转、预收与供应链周转改善，将有助于缓和现金与利润的短期矛盾。若补能与服务生态的使用频次与单次付费额提升，叠加规模效应，经营性现金流有望环比改善；同时需关注新站点投入节奏与固定成本的匹配度，防止利用率爬坡慢于产能或网络扩张速度而造成摊薄压力。\n分析师观点\n从已公开的近期观点看，看多为主。典型代表为国际大型投行上调评级至“买入”并将目标价上调至美元7.00，其后公司股价当日上涨约3.64%，市场对销量改善与产品矩阵扩展的预期有所反映。结合一致预期显示本季度营收同比增长68.13%、调整后每股收益同比提升90.51%，以及07月交付同比增长71.00%的量能表现，看多观点的核心在于数量与结构推动的收入高增、费用效率改善带来的利润率修复空间与生态业务的黏性增强。需要跟踪的验证点包括：三季度月度交付的持续性、单车毛利与费用率的边际变化、以及“其他”业务在网络利用率提升下的收入占比变化，一旦这些关键指标延续改善，盈利路径的可见度将进一步提高。","news_type":1,"symbols_score_info":{"NIO":1}},"isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalSc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href=\"https://laohu8.com/S/02015\">$理想汽车-W(02015)$&nbsp;</a> 人家跌你跟跌，人家涨你还跌，垃圾","listText":"<a href=\"https://laohu8.com/S/02015\">$理想汽车-W(02015)$&nbsp;</a> 人家跌你跟跌，人家涨你还跌，垃圾","text":"$理想汽车-W(02015)$ 人家跌你跟跌，人家涨你还跌，垃圾","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/516795201643008","isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}