伯恩斯坦发布大众汽车集团（VOW3.GR）个股点评，维持「市场表现」评级。因计提约90亿欧元特殊项目费用，大众于2026年9月18日下调当年业绩指引，其中最大一项为保时捷汽车业务商誉的非现金减值，另包括对中国全资子公司持股的商誉调整，以及提前退休计划、奥斯纳布吕克工厂出售等重组成本，相关费用主要计入第三季度。剔除特殊项目后集团调整后营业利润率约为4%，公司预计全年营业销售回报率上限仅约1%，显著低于此前指引区间，收入指引随之下调而现金流指引未变。报告认为，报告盈利的大幅下滑或有助于增强集团内部推进裁员与工作条件改革的紧迫感，但管理层同时强调剔除特殊项目后利润率仍有韧性，使这一逻辑受到削弱；集团持有的保时捷AG股权价值已明显高于自身市值，监事会一致通过「未来计划2030」属积极信号，欧洲BEV在中国竞争下亦显现改善迹象，但中国需求疲弱与电动化转型压力仍构成挑战，报告因此维持谨慎看法。
Bernstein rates Volkswagen Market-Perform. On 18 September 2026 VW slashed its guidance for the current year due to roughly EUR 9bn of fresh charges, the largest being a non-cash goodwill write-down on the Porsche business segment, alongside a goodwill adjustment on its fully consolidated subsidiaries in China and further restructuring costs from a wider early retirement programme and the planned sale of Volkswagen Osnabruck GmbH; most of the new charges hit 3Q26. Excluding these items, VW puts the adjusted operating margin at about 4%, but it now expects an FY26 operating return on sales of up to 1%, against previous guidance of 4.0-5.5%, with revenue guidance also cut while cash guidance is untouched. We think this massive drop in anticipated reported earnings might help increase the sense of urgency within the VW group and make it easier to sell the job cuts approved under the Future Plan 2030, but that argument is somewhat undermined by VW's contention that the adjusted margin woul