Core Viewpoint - The report from CICC maintains a positive outlook on NIO-SW (09866), projecting a target price of HKD 41, indicating a 40% upside potential from the current stock price, based on a 1.0x P/S ratio for 2025 [1] Group 1: Product Launch and Features - The L90 model from NIO's brand, Ladao, has officially started pre-sales, with strong product competitiveness expected to lead in the high-end large three-row SUV market [2] - The L90 features significant space optimization, achieving a longitudinal space of 4195mm and a second-row aisle width of 180mm through 36 technical innovations [2] - Safety is a key focus for the L90, which includes 45 active and intelligent safety assistance functions, positioning it as an industry leader in safety [2] Group 2: Delivery and Operational Efficiency - In Q2, NIO delivered a total of 72,056 vehicles, aligning with the company's guidance of 72,000 to 75,000 units [3] - The company has initiated a Cell Business Unit (CBU) reform aimed at enhancing organizational efficiency and achieving operational goals, with expectations for improved performance reflected in financial statements starting from Q2 [3] Group 3: Financial Outlook and Cash Flow - NIO anticipates achieving positive free cash flow for the year, supported by a strong product cycle and improved operational cash flow [4] - The company has launched the first version of the NIO World Model (NWM), emphasizing safety and technological upgrades across various driving scenarios [4]
中金:维持蔚来-SW(09866)目标价41港元 评级“跑赢行业”