Zhi Tong Cai Jing·2025-08-01 09:37Group 1 - The core viewpoint of the report indicates that NIO-SW (09866) is currently valued at 0.8x P/S for 2025, maintaining a rating of outperforming the industry, with a target price increase of 10% to HKD 45, representing a 29% upside from the current stock price [1] - The L90 model's pricing exceeds market expectations, showcasing industry-leading product capabilities, with a planned delivery start on August 1, and an expectation of over 10,000 deliveries in September [2] - The L90 model features significant advantages in space, energy consumption, and safety, with 45 active and intelligent safety assistance functions, indicating a leading position in safety within the industry [2] Group 2 - The company is expected to enter a new product cycle with the upcoming launches of the L80 and the new ES8, anticipating monthly deliveries to gradually exceed 30,000 to 40,000 units in Q3 and Q4 [3] - The new models are competitively priced, leveraging the NIO NT3.0 platform for cost reduction, with expectations of achieving gross margin targets of over 15% for the NIO brand and 10% for the Lado brand [3] - The company has made significant progress in smart driving technology, with the first version of the NIO World Model (NWM) launched on May 30, enhancing user experience across various driving scenarios [4]