智能汽车系列报告（五）：蔚来业绩创历史新高，25Q4有望实现盈利

Investment Rating - The report assigns an "Outperform" rating for the automotive industry, indicating a positive outlook compared to the broader market [2][4]. Core Insights - NIO reported a record high revenue of 52.84 billion yuan for the first three quarters of 2025, with a year-on-year growth of 14.8%. The third quarter revenue reached 21.79 billion yuan, marking a historical peak with a gross margin of 13.9%. The company anticipates delivering between 120,000 to 125,000 vehicles in Q4 2025, representing a year-on-year increase of 65.1% to 72.0% [2]. - The financial indicators show improvement, with a net loss of 3.66 billion yuan in Q3 2025, a reduction from previous periods. The cash reserves increased to 36.7 billion yuan, supported by a successful equity financing of 1.16 billion USD in September [2]. - The product structure has been optimized, with the L90 model becoming a key sales driver, contributing 24.8% of total deliveries in Q3 2025. The company plans to launch three high-end models in 2026 to enhance overall profitability [2]. Summary by Sections Financial Performance - In Q3 2025, NIO's revenue was 21.79 billion yuan, a 16.7% increase year-on-year, with automotive sales revenue at 19.2 billion yuan, up 15.0% year-on-year and 19.0% quarter-on-quarter. The overall gross margin improved from 10.3% in Q2 to 14.7% in Q3 [2]. - The adjusted operating loss narrowed to 2.78 billion yuan, and R&D expenses decreased by 28.0% year-on-year to 2.39 billion yuan [2]. Market Strategy - NIO is enhancing its charging and battery swap infrastructure, with 1,850 battery swap stations and 2,420 supercharging stations established globally by the end of Q3 2025. The company is shifting its overseas strategy from rapid expansion to improving service efficiency and sales capabilities [2]. - The focus on Southeast Asia and the Middle East markets will involve a light-asset cooperation model to mitigate capital expenditure and policy risks [2]. Investment Recommendations - The report suggests focusing on leading smart vehicle companies that are establishing user experience barriers through advanced technology. Recommended companies include Xiaomi Group, XPeng Motors, Li Auto, and NIO [2].