BOCOM International·2025-07-11 06:01Investment Rating - The report maintains a "Buy" rating for NIO Inc. (9866 HK) with a target price of 48.96, indicating a potential upside of 77.4% from the closing price of 27.60 as of March 24, 2025 [4][5]. Core Insights - The launch of the NIO sub-brand's second model, the L90, has exceeded expectations with a starting price of 279,900 RMB, which can be as low as 190,900 RMB with battery-as-a-service (BaaS) options, making it highly competitive in the large electric SUV market [1][2]. - The L90 features exceptional space design with a length of 5,145 mm and a wheelbase of 3,110 mm, offering spacious seating configurations and significant storage capacity, addressing consumer demand for "large space + high cost performance" [2][3]. - The vehicle is equipped with advanced technology and safety features, including a 17.2-inch central control screen, a 17.3-inch rear entertainment screen, and a robust safety structure, positioning it as a strong competitor in the family SUV segment [2][3]. Summary by Sections Product Launch - The L90 is positioned as a family-oriented large electric SUV with a competitive pricing strategy, aiming to disrupt the market by offering superior space and features compared to similar models [1][2]. Technical Specifications - The L90 boasts a lightweight design, with the single-motor version weighing only 2.25 tons, and a dual-motor version at 2.36 tons, which is nearly 200 kg lighter than comparable gasoline vehicles, enhancing efficiency and range [2][3]. Market Strategy - NIO's strategy includes a focus on intelligent and safety features, utilizing a unique competitive approach that emphasizes technology and pricing to capture market share in the family SUV sector [2][3].