NIO(US:NIO) BOCOM International·2025-09-04 01:23Core Insights - NIO's 2Q25 revenue rebounded to approximately 19.01 billion RMB, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 57.9% [1] - The company is optimistic about its 3Q25 guidance, expecting deliveries of 87,000 to 91,000 vehicles and revenue between 21.8 billion to 22.9 billion RMB, driven primarily by the launch of the new L90 model [1][2] - For 4Q25, NIO aims to achieve a combined monthly sales target of approximately 50,000 vehicles, with an expected gross margin improvement to 17%-18% [1] Revenue and Sales Forecast - The sales forecast for NIO in 2025 has been raised from 300,000 to 340,000 vehicles, with revenue expectations adjusted upward by 17.5% to 99.5 billion RMB, reflecting strong sales expectations for the L90 and ES8 models [2] - The market focus is on the sustainability of marginal improvements, cost reduction effectiveness, and whether profitability can be achieved in 4Q25 [2] Investment Rating and Price Target - Based on the revised revenue forecast, the target price for NIO has been increased to 62.7 HKD (8.0 USD), corresponding to a 2025 price-to-sales ratio of 1.2 times, maintaining a "Buy" rating [2]