Ge Long Hui·2025-09-24 03:29Company Dynamics - The company held its 2025 NIO Day in Hangzhou on September 20 [1] - The new ES8 has officially launched, with a price of 406,800/446,800 CNY, and a battery-as-a-service (BaaS) model reducing the purchase threshold to 298,800/338,800 CNY, showcasing a significant price advantage [1] - The ES8 features a larger body compared to the previous model, with an increase of 181mm in length, 21mm in width, 50mm in height, and a 60mm longer wheelbase [1] - To enhance user confidence, the company introduced the "Assured Lock Order Plan," which includes tax subsidies and incentives for delayed vehicle delivery [1] Technological Innovation - The ET9 Horizon Special Edition exemplifies the company's commitment to core technology, integrating 12 innovative features, including a self-developed NX9031 chip and SkyOS operating system [2] - As of August, cumulative sales of the ET9 reached 2,061 units, with the new special edition enhancing luxury attributes through design upgrades [2] - The company anticipates strong sales momentum, projecting monthly sales to exceed 50,000 units in Q4, supported by adjustments in the 5566 model [2] Profit Forecast and Valuation - The current valuation for US and Hong Kong stocks corresponds to 0.8x P/S for 2026, maintaining the profit forecast for 2025/26 [2] - The target prices are set at 68 HKD and 8.8 USD, reflecting a potential upside of 16% and 19% from current stock prices, respectively [2]