智通财经网·2025-09-04 05:52Core Viewpoint - The report from CMB International raises the target price for NIO-SW (09866) to HKD 62.7 while maintaining a "Buy" rating, reflecting optimism about the company's future performance [1] Financial Performance - NIO's revenue for Q2 2025 is projected to be approximately RMB 19.01 billion, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9%, with automotive revenue around RMB 16.3 billion, aligning with market expectations [1] - For Q3, the company is optimistic, expecting deliveries between 87,000 to 91,000 units and revenue between RMB 21.8 billion to RMB 22.9 billion, which would set a new historical high, primarily driven by the launch of the new L90 model [1] Future Outlook - For Q4, NIO aims to achieve combined monthly sales of approximately 50,000 units with Ladao, and expects gross margin to improve to 17%–18% [1] - The sales forecast for NIO in 2025 has been raised to 340,000 units, with revenue adjusted upwards by 17.5% to RMB 99.5 billion, reflecting strong sales expectations for the L90 and ES8 models [1] Market Sentiment - The rebound in sales is expected to boost market confidence, which is beneficial for future new car launches and subsequent financing efforts [1]