Company Dynamics - The company held its 2025 NIO Day in Hangzhou on September 20 [1] - The new ES8 has officially launched, with a price of 406,800/446,800 CNY, and a battery-as-a-service (BaaS) model reducing the purchase threshold to 298,800/338,800 CNY, showcasing a significant price advantage [1] - The ES8 features a larger body compared to the previous model, with an increase of 181mm in length, 21mm in width, 50mm in height, and a 60mm longer wheelbase [1] - To enhance user confidence, the company introduced the "Assured Lock Order Plan," which includes tax subsidies and incentives for delayed vehicle delivery [1] Technological Innovation - The ET9 Horizon Special Edition exemplifies the company's commitment to core technology, integrating 12 innovative features, including a self-developed NX9031 chip and SkyOS operating system [2] - As of August, cumulative sales of the ET9 reached 2,061 units, with the new special edition enhancing luxury attributes through design upgrades [2] - The company anticipates strong sales momentum, projecting monthly sales to exceed 50,000 units in Q4, supported by adjustments in the 5566 model [2] Profit Forecast and Valuation - The current valuation for US and Hong Kong stocks corresponds to 0.8x P/S for 2026, maintaining the profit forecast for 2025/26 [2] - The target prices are set at 68 HKD and 8.8 USD, reflecting a potential upside of 16% and 19% from current stock prices, respectively [2]

展望2026年，该行重申看好公司产品周期和内部经营改善：公司现有5566车型有望通过近期100度电标 配的调整，支持销量回升，该行认为公司2026年销量延续增长动力强。该行认为公司正式启动内部 CBU改革后(Cell Business Unit)，经营和组织效率、车型的市场竞争力持续提升，后续该行也有望看到 费用端效率实现逐步优化。 中金发布研报称，维持蔚来-SW(09866)"跑赢行业"评级，2025/26扣非盈利预测不变，港美股目标价68 港元/8.8美元。与现款相比，第三代ES8车身较现款加长181mm、加宽21mm、加高50mm、轴距增加 60mm。ES8整车售价40.68/44.68万元，BaaS电池租赁方案将购车门槛降至29.88/33.88万元，较预售价下 调1万元，也低于老款价格，性价比优势凸显。 报告中称，公司长期以来持续深耕核心技术。ET9作为公司技术创新能力的集中体现，集成12项前瞻创 新，涵盖自研NX9031芯片、SkyOS操作系统、900V高压平台及线控转向+全主动悬架，体现智能化与 电动化融合实力。截至8月ET9累计销量达2061辆。本次发布的地平线特别版强化豪华属性，采用零阶 差 ...