Kingwo Financial News | NIO (09866) stock price is on the rise, as of the time of writing, up by 3.87%, priced at 37.6 Hong Kong dollars, with a trading volume of 30.8641 million Hong Kong dollars.
Bocom Intl research indicates that NIO expects deliveries in the fourth quarter to be between 0.072 million and 0.075 million vehicles, a year-on-year increase of 43.9% to 49.9%. The sales guidance is slightly below expectations, implying that average deliveries in November and December will be around 0.026-0.027 million vehicles. The bank believes that the company's sales growth next year will mainly come from the Lido, with 6-7 seat SUVs and five-seat SUVs competing with Ideal L7 and L8. Management guidance states that after the Lido gains traction, it will maintain a gross margin of over 15%. The bank maintains a buy rating, with a target price of 59.88 Hong Kong dollars or 7.7 US dollars (NIO US). The current price corresponds to 0.7 times the bank's sales forecast for 2025, lower than Xpeng/Ideal's 1.2 times/0.9 times.
Open Source Securities research indicates that considering Lido L60 delivered 4,300 units in October, with a delivery target of 0.01 million vehicles in December, this may imply a decline in the main brand's sales on a month-on-month basis. The NIO main brand's luxury sedan ET9, priced at around 0.8 million yuan, is expected to officially deliver in 2025, while the sub-brand Lido will launch two family SUVs, and the new affordable sub-brand Firefly will introduce its first model in the first half of 2025, forming a complete product matrix of 'NIO + Lido + Firefly' covering the price range of 0.15-0.8 million yuan. As the only new car from NIO, ET9 positioned as a luxury vehicle may struggle in sales volume, relying on sales rebound driven by old model updates; The Lido L60 is expected to stabilize and ramp up production capacity after March 2025 with a delivery target of 0.02 million units, along with the launch of two family SUVs and one new Firefly vehicle, likely driving overall sales growth in 2025.
