06/13/2025, 04:20 AM UTC
蔚来：中国新价格战的影响NIO: Impact Of New Pricing War In China
1、蔚来面临比亚迪在中国发起的新价格战，但监管措施可能减轻其负面影响；2、尽管价格战持续，蔚来2025年一季度车辆毛利率提升至10.2%，并预计二季度交付量同比增长25%-30%；3、公司2026财年前瞻市销率仅0.53，相对于近40%的营收增长预期，估值显得较为保守。1. NIO faces a new pricing war initiated by BYD in China, though regulatory intervention may mitigate its impact; 2. Despite ongoing price competition, NIO's vehicle margins improved to 10.2% in Q1 2025, with projected 25-30% YoY delivery growth for Q2; 3. The stock's forward P/S ratio of 0.53 (FY2026) appears undervalued relative to its ~40% revenue growth forecast.---
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