BOCOM International·2025-08-01 10:46Investment Rating - The report maintains a "Buy" rating for NIO Inc. (9866 HK) [6][7]. Core Views - The pricing strategy for the new L90 model is aggressive, with the top configuration priced under 300,000 RMB, which is expected to significantly boost sales [1]. - The successful launch of the L90 is anticipated to pave the way for the upcoming L80 model, aiding NIO in reversing its sales trajectory [1]. - The report highlights that despite a 50% rebound from lower price levels, NIO's 2025 price-to-sales ratio remains at 0.85 times, which is lower than peers valued at 1-2 times, indicating potential for further price recovery [1]. Summary by Relevant Sections Pricing Strategy - The L90 model's starting price is set at 265,800 RMB for the Pro version, with Max and Ultra versions priced at 279,800 RMB and 299,800 RMB respectively. The seven-seat variant starts at 271,800 RMB [1]. - The Battery as a Service (BaaS) pricing starts at 179,800 RMB for the Pro version, with Max and Ultra versions priced at 193,800 RMB and 213,800 RMB respectively [1][2]. Product Features - All versions of the L90 come standard with an 85 kWh battery, L2 level intelligent driving assistance, and Orin-X chip [1]. - The Ultra version features dual-motor all-wheel drive, a 0-100 km/h acceleration time of 4.7 seconds, and unique seating configurations for enhanced comfort [2]. Sales Expectations - The report anticipates that monthly sales will exceed the market expectation of 5,000 units due to the favorable pricing and product features [1]. - The management's commitment to aggressive pricing reflects a strategic move to regain market share and improve sales performance [1].