智通财经网·2025-08-01 09:32Core Viewpoint - The report from CICC maintains a positive outlook on NIO-SW (09866), projecting a 0.8x P/S for 2025 and a 10% increase in target price to HKD 45, indicating a 29% upside potential from the current stock price [1] Group 1: Product Launch and Market Position - The launch of the L90 model is expected to exceed market expectations, with deliveries starting on August 1, and an anticipated delivery of over 10,000 units in September [2] - The L90 model features competitive advantages in space, energy consumption, and safety, with a focus on large space for three-row SUV users and 45 active and intelligent safety features [2] Group 2: New Product Cycle and Financial Outlook - The company plans to launch the L80 and a new ES8 model in the second half of the year, with expectations of monthly deliveries reaching 30,000 to 40,000 units in Q3 and Q4 [3] - Despite competitive pricing for new models, the shared NT3.0 platform is expected to reduce costs, with a target gross margin of 15% for NIO and 10% for the new brand [3] Group 3: Advancements in Intelligent Driving - The company continues to invest in intelligent driving, with the first version of the NWM model launched on May 30, showcasing significant upgrades in safety and user experience across various driving scenarios [4] - The proactive planning of smart hardware allows for ongoing updates and improvements in the intelligent driving technology architecture [4]