Zhi Tong Cai Jing·2025-09-04 01:34Core Viewpoint - The report from CICC maintains a positive outlook on NIO-SW (09866), projecting a strong product cycle and adjusting the 2026 Non-GAAP net profit forecast to 5.43 billion yuan, while raising target prices for both Hong Kong and US stocks by 51% and 52% respectively, indicating significant upside potential [1] Financial Performance - In Q2 2025, the company reported revenue of 19 billion yuan, with a robust gross margin and effective cost control, aligning with market expectations [2][3] - The company delivered 72,056 vehicles in Q2 2025, a quarter-on-quarter increase of 71.2%, contributing to the revenue growth [3] - The overall gross margin improved by 2.3 percentage points to 10%, with automotive gross margin slightly increasing to 10.3% [3] Product Cycle and Sales Outlook - The company anticipates delivering between 87,000 and 91,000 vehicles in Q3 2025, aiming for a record quarterly sales figure [4] - New models, including the L90 and the revamped ES8, are expected to achieve monthly sales exceeding 15,000 units starting in Q4 2025, contributing to a total Q4 sales forecast of over 150,000 vehicles [4] - The company aims to achieve a gross margin of 16-17% in Q4 2025 and expects to turn Non-GAAP profitable [4] Cash Flow and Product Development - The company is targeting positive free cash flow for the year, with expectations of improved operational cash flow starting from Q2 2025 [5] - The NIO World Model (NWM) was launched on May 30, showcasing advancements in safety and user experience across various driving scenarios [5]