【核心结论】预计2024-2026年公司营业收入分别为657.7亿元、1047.8亿元、1293.7亿元,分别同比增长18%、59%、23%;归母净利润分别为-193亿元、-129亿元、-72亿元。当前股价对应2024-2026年PS分别为1.05/0.66/0.53倍。市场对蔚来汽车的盈利能力有所怀疑,认为扭亏为盈比较困难。我们认为2025年开始蔚来汽车在盈利能力上会有较大改善,一是汽车业务在新...
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