Core Insights - NIO's sub-brand, Ladao Automotive, has reached a significant delivery milestone with the delivery of the 40,000th unit of the Ladao L90 Black Knight Special Edition, marking the start of nationwide delivery for this model [1] - The L90 has shown rapid market acceptance, achieving 40,000 units delivered within just four months of its launch, making it the top-selling model in the pure electric large SUV segment [1] - The L90 leverages NIO's decade-long technological expertise and nationwide charging and battery swapping network to address long-distance travel challenges for electric vehicles [1] Product Performance - The L90 is positioned as the flagship product of the Ladao brand, focusing on family-oriented design by optimizing interior space and enhancing third-row seating comfort and luggage capacity [1] - The model aims to accelerate the transition of the large SUV market towards electrification [1] Market Strategy - To boost year-end sales, Ladao Automotive has introduced a special market incentive policy, allocating approximately 110 million yuan in vehicle purchase benefits for December [1] - The brand emphasizes the speed of vehicle supply and offers up to 13,000 yuan in purchase tax exemptions and test drive incentives for recent buyers, aiming to solidify its market share in the segment [1]

Core Insights - NIO's subsidiary, Lada Auto, has achieved a significant milestone by producing its 100,000th vehicle, with the 100,000th car set to be delivered this weekend [1] Production and Delivery - The production capacity for the Lada L90 and L60 models is expected to significantly increase in October, with L90's capacity reaching 15,000 units [1] - The overall delivery volume for Lada in October is anticipated to set a new record [1] Sales Performance - Since its launch, the Lada L60 has garnered over 70,000 users, while the Lada L90 has delivered 21,626 units in just two months, setting a record for the fastest delivery of a pure electric large SUV [1] - The Lada L90 currently holds the title for the best-selling pure electric large SUV [1]

Group 1 - The Hong Kong stock market indices collectively rose, with notable performances in electric equipment, building materials, and steel sectors, while technology stocks showed mixed results [1] - NIO's sub-brand, Ladao, launched its second model, Ladao L90, which is positioned as a family-oriented pure electric large SUV, expected to be a game-changer in the market due to its competitive pricing and features [1] - The Ladao L90 has received positive consumer interest, with NIO planning to enhance visibility through display vehicles in major shopping malls and test drive opportunities across the country [1] Group 2 - As of July 18, the Hang Seng Technology Index ETF (513180) is valued at a price-to-earnings ratio (PETTM) of 20.84, indicating it is in a historically low valuation range, below 85% of the time since its inception [2] - The current low valuation of the index suggests potential upward momentum due to its high elasticity and growth characteristics, making it an attractive option for investors without a Hong Kong stock connect account [2]

Core Insights - NIO's sub-brand, Ladao, has officially launched the pre-sale of its second model, Ladao L90, which is positioned as a family-oriented pure electric large three-row SUV with high cost-performance, excellent space, strong power performance, and rich intelligent configurations [1][2] Pricing and Market Positioning - The starting price for the Ladao L90 is set at 279,900 RMB, which is competitive in its class. With the battery-as-a-service (BaaS) option, the price can drop to as low as 193,900 RMB, making it even more attractive [1] - The actual BaaS pre-sale price, after a 2,000 RMB deposit discount of 5,000 RMB, is only 190,900 RMB, significantly enhancing its competitiveness against similar models [1] Design and Specifications - The Ladao L90 features a length of 5,145 mm and a wheelbase of 3,110 mm, providing exceptional space design with over 1 meter of legroom in each row and a cargo capacity of 430 liters in the trunk, along with an additional 340 liters in the front trunk [2] - The vehicle's weight is optimized, with the single-motor version weighing only 2.25 tons and the dual-motor version at 2.36 tons, which is nearly 200 kg lighter than comparable fuel vehicles [2] - The Ladao L90 utilizes a 900V NT3 platform and has a drag coefficient of 0.25, allowing the 85 kWh battery model to achieve a range of up to 605 km, addressing the energy consumption challenges of large electric SUVs [2] Intelligent and Safety Features - The Ladao L90 is equipped with the Coconut 2 intelligent system, integrating 30 sensors and 4D millimeter-wave radar with a detection range of 370 meters, along with an end-to-end AEB system for enhanced safety [3] - The vehicle's body features a steel-aluminum hybrid structure with a torsional rigidity of 38,150 Nm/Deg and includes nine airbags, reinforcing its safety profile [3] Competitive Strategy - The Ladao L90 adopts a differentiated competitive strategy by offering a lower starting price than similar models like the Aito M9 and providing superior space compared to the smaller YU7, targeting the family SUV market with a focus on "large space + high cost-performance" [3] - The launch of the Ladao L90 is expected to disrupt the pure electric large SUV market, balancing technology, space, and price to provide new solutions for family travel [3] Market Outlook - The company maintains a buy rating, anticipating that market focus will shift towards the sustainability of marginal improvements, particularly in sales recovery, and whether cost reduction effects can meet market expectations [3]

Investment Rating - The report maintains a "Buy" rating for NIO Inc. (9866 HK) with a target price of 48.96, indicating a potential upside of 77.4% from the closing price of 27.60 as of March 24, 2025 [4][5]. Core Insights - The launch of the NIO sub-brand's second model, the L90, has exceeded expectations with a starting price of 279,900 RMB, which can be as low as 190,900 RMB with battery-as-a-service (BaaS) options, making it highly competitive in the large electric SUV market [1][2]. - The L90 features exceptional space design with a length of 5,145 mm and a wheelbase of 3,110 mm, offering spacious seating configurations and significant storage capacity, addressing consumer demand for "large space + high cost performance" [2][3]. - The vehicle is equipped with advanced technology and safety features, including a 17.2-inch central control screen, a 17.3-inch rear entertainment screen, and a robust safety structure, positioning it as a strong competitor in the family SUV segment [2][3]. Summary by Sections Product Launch - The L90 is positioned as a family-oriented large electric SUV with a competitive pricing strategy, aiming to disrupt the market by offering superior space and features compared to similar models [1][2]. Technical Specifications - The L90 boasts a lightweight design, with the single-motor version weighing only 2.25 tons, and a dual-motor version at 2.36 tons, which is nearly 200 kg lighter than comparable gasoline vehicles, enhancing efficiency and range [2][3]. Market Strategy - NIO's strategy includes a focus on intelligent and safety features, utilizing a unique competitive approach that emphasizes technology and pricing to capture market share in the family SUV sector [2][3].