Western Securities·2025-09-08 07:03Investment Rating - The report maintains a "Buy" rating for NIO-SW (09866.HK) [5] Core Views - The company achieved revenue of 19.01 billion yuan in Q2 2025, a year-on-year increase of 9.0%, and a gross profit of 1.90 billion yuan, up 12.4% year-on-year, with a gross margin of 10% [1][5] - The net loss narrowed to 4.99 billion yuan, a decrease of 1.0% year-on-year [1] - The gross margin is steadily recovering, with Q2 gross margin at 10.0%, up 0.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] - The company expects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, representing a year-on-year growth of approximately 40.7% to 47.1% [2] Financial Performance - In Q2 2025, the automotive sales revenue was 16.14 billion yuan, a year-on-year increase of 2.9%, driven by an increase in delivery volume [2] - The company delivered 72,000 vehicles in Q2 2025, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [2] - The report forecasts revenues of 99.01 billion yuan, 133.00 billion yuan, and 148.68 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51%, 34%, and 12% [3][4] Key Data - The projected net profit for 2025 is -16.17 billion yuan, with a year-on-year growth rate of 28.62% [4] - The earnings per share (EPS) for 2025 is estimated at -7.14 yuan [4] - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.00, 0.75, and 0.67 respectively [3][4]