交银国际此前研报指出，维持公司买入评级，目标价维持 59.88 港元/7.7 美元（NIOUS）。现价对应该行的销量预测 0.7 倍 2025 年市销率，低于小鹏/理想的1.2 倍/0.9 倍，已部分反映亏损较大的基本面。明年乐道 L60 的上量交付、销量环比上升和汽车毛利率改善将支撑股价反弹。Kingwo Financial News | NIO (09866) saw an expanding increase in the afternoon, rising 5.77% to 37.55 HKD, with a turnover of 0.138 billion HKD.
China International Capital Corporation stated that in the context of advancing global electrification and tightening trade policies, they are bullish on Chinese leading independent electric vehicle companies with relatively mature localized production capacity. With mature electric products, continuous technological innovation, and a complete distribution network, they are gradually opening up overseas sales growth space.
Guolian Securities previously pointed out that looking ahead to the fourth quarter, the company guides a fourth quarter sales volume of 0.072-0.075 million and indicates that the production of the Lidao brand can ramp up to 0.01 million in December. Currently, there are ample orders on hand, and the firm expects production capacity to be fully converted into sales. Therefore, while the sales of the NIO brand may be relatively weak in the fourth quarter, the Lidao brand will become the main driver of sales growth. In terms of revenue, the company guides fourth quarter revenue to be around 19.676-20.383 billion yuan, representing a year-on-year growth of 15%-19.2%.
Bocom Intl's previous research report stated that the company maintains a buy rating, with a target price retained at 59.88 HKD/7.7 USD (NIOUS). The current price corresponds to 0.7 times the forecasted sales for 2025, lower than XPeng's/Ideal's 1.2 times/0.9 times, and has partially reflected the fundamentals amid significant losses. The upcoming ramp-up in delivery volume of the Lidao L60 next year, sequential sales growth, and improvements in auto gross margin will support a rebound in the stock price.