NIO Inc. (NYSE:NIO) is one of the Top 15 Chinese Companies on US Exchanges. On January 27, Morgan Stanley reiterated its Overweight rating on NIO Inc. (NYSE:NIO), keeping the price target at $7. Morgan Stanley analyst Tim Hsiao reaffirmed his bullish stance on the Chinese EV maker following a meeting with NIO’s founder, William Li. Morgan Stanley Reiterates Overweight Rating on NIO Inc. as the EV Maker Expects Higher Delivers In Next Two Years Photo by carlos aranda on Unsplash Hsiao remains positive o ...

蔚来创始人李斌认为 ，尽管 2026 年 1 月销量表现不及预期，但2026 年纯电动汽车市场仍能实现 20% 的同比增长，其中售价超 30 万元的高端纯电动汽车将持续跑赢行业整体。 售后、金融、技术工程服务以及蔚来生活方式品牌等非汽车业务的利润，将持续抵消换电业务收窄的亏损。 管理层表示，受铜、铝、锂以及动态随机存取存储器价格上涨影响，每辆车的成本预计最多增加 5000 元。 管理层仍有信心通过规模效应和提升运营效率，来抵消上述成本上涨带来的压力。 蔚来的目标是到 2030 年实现海外销量占比达到 20% ，届时将先在海外市 场推出萤火虫品牌，随后推出乐道品牌，最后再推出蔚来主品牌。 蔚来创始人重申，未来两年交付量的复合年增长率将达到 40%-50%，这意味着凭借 ES9、ES7 以及乐道 L80 等新车型的加持，2026 年交付量有望达到 45.6 万 - 48.9 万辆。 管理层表示，ES9 将是提升利润率的关键车型，该车售价超 50 万元，单车利润有望突破 10 万元，能够与 宝马 X5、奔驰 GLE 以及问界 M9 等车型展开竞争。 长期战略规划 蔚来计划在长期内推出 2-3 款售价在 15 万 - ...

January 27, 2026 08:43 AM GMT NIO Inc. | Asia Pacific Key takeaways from meeting with NIO's Founder Key Takeaways NIO's founder reiterated that deliveries can achieve a 40-50% CAGR over the next two years, implying 456-489k units in 2026, underpinned by new models, including ES9, ES7, and Onvo L80. Management said the ES9 would be key to higher margins, potentially exceeding Rmb100k profit per unit, given its high ASP above Rmb500k, which would enable it to compete against models like BMW X5, Mercedes GLE, ...

Core Viewpoint - Chinese electric vehicle stocks saw a pre-market surge, with NIO, Xpeng Motors, and Li Auto showing significant gains, indicating positive market sentiment towards the sector [1] Financial Performance - NIO reported a gross margin of 14.7% for Q3, with expectations to increase to around 18% in Q4 [1] - The gross margins for NIO's ES6 and EC6 models reached or exceeded 25%, while the ET5, ET5T, and L90 models had margins between 15% and 20%. The third-generation ES8 also achieved a gross margin of 20% [1] Future Outlook - NIO has a clear product roadmap for next year, planning to launch three large vehicles, including the ES9, ES7, and L80, aiming to penetrate the pure electric large three-row market [1] - The company aims to continue enhancing its product mix with high-margin offerings, with expectations that the overall gross margin could reach 20% by 2026 according to CEO Li Bin [1]

Core Viewpoint - Chinese electric vehicle stocks experienced a pre-market surge, with NIO, Xpeng Motors, and Li Auto showing significant gains, indicating positive market sentiment towards the sector [1] Financial Performance - NIO reported a gross margin of 14.7% for Q3, with expectations to increase to around 18% in Q4 [1] - The gross margins for NIO's ES6 and EC6 models reached or exceeded 25%, while the ET5, ET5T, and Ladao L90 models had margins between 15% and 20% [1] - The third-generation ES8 model achieved a gross margin of 20% [1] Future Outlook - NIO has a clear product roadmap for next year, planning to launch three large vehicles, including the ES9, ES7, and Ladao L80, targeting the pure electric large three-row market [1] - The company aims to enhance its product mix by increasing the proportion of high-margin products, with a projected overall gross margin of 20% by 2026 according to CEO Li Bin [1]

Core Insights - NIO Inc. is positioned for significant growth due to a strong vehicle lineup and expansion beyond luxury models, although challenges such as subsidy phaseouts and rising operating costs may hinder progress [1][6][8] Vehicle Lineup and Growth - NIO's expanding vehicle portfolio, including models like ES6, ET5T, ES8, and others, is driving delivery growth, with expectations of 40,000 ES8 units sold in 2025, primarily in Q4 [2][4] - The introduction of the ONVO brand and Firefly brand is expected to enhance volume, with ONVO's L60 model delivering 33,000 units in its first three months and Firefly delivering over 26,000 units in its first six months [3][8] Margin Improvement - Vehicle margins improved to 14.7% in Q3 2025 from 13.1% in Q3 2024, with expectations to reach 20% overall due to new model launches and cost synergies [4][8] Battery Swap Technology - NIO's battery swap technology, part of its BaaS strategy, provides a competitive advantage, with over 3,641 swap stations and more than 27,000 chargers installed [5] Challenges and Risks - The phaseout of trade-in and replacement subsidies is expected to dampen demand, particularly affecting lower-priced models like ONVO L60 and L90 [6][8] - Rising SG&A expenses, which increased by 1.8% year-over-year, are anticipated to continue due to increased sales and marketing efforts [7][8] - NIO's long-term debt to capital ratio stands at 0.82, significantly higher than the industry average of 0.27, limiting financial flexibility [8][9]

Core Viewpoint - NIO's Q3 financial report shows a significant reduction in net losses and a positive cash flow, indicating a potential turnaround for the company as it aims for profitability in Q4 and a gross margin target of 20% by 2026 [2][4][17]. Financial Performance - In Q3, NIO reported a net loss of 34.8 billion yuan, a year-on-year decrease of approximately 30%, and an adjusted net loss of 27.4 billion yuan, improving by 33.7% quarter-on-quarter [2][3]. - Cash reserves reached 36.65 billion yuan, up from 26 billion yuan at the beginning of the year [3][4]. - The gross margin for vehicles in Q3 was 14.7%, with expectations to rise to around 18% in Q4 [4]. Product Strategy - NIO plans to launch three new large vehicles next year, including ES9, ES7, and L80, aiming to penetrate the pure electric large three-row market [4][9]. - The company emphasizes high-margin models, with ES6 and EC6 achieving gross margins of over 25% [4]. Market Challenges - The recent reduction in vehicle purchase subsidies has led to a significant drop in new orders in November, indicating a shift in consumer behavior towards a wait-and-see approach [5][6]. - NIO's strategy focuses on maintaining stable prices and delivering high-margin models to mitigate the impact of subsidy changes [6]. Operational Efficiency - NIO has shifted its focus from merely increasing sales volume to enhancing operational quality and efficiency, with a new emphasis on high ROI projects [7][8]. - The company has implemented a transparent supply chain and CBU mechanism, ensuring accountability across departments and improving overall operational efficiency [15][16]. Future Outlook - NIO's leadership expresses confidence in achieving full-year profitability, primarily driven by high-margin orders from the ES8 model [8][17]. - The company is committed to a long-term vision of focusing on electric vehicles, with plans to enhance its product line while maintaining a strong market presence [12][13].

业绩符合市场预期，改革成效持续兑现。公司3Q25 交付87,071辆，实现营收217.9 亿元。综合毛利率环 比+3.9ppt 至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23 以来季度最好水平，主因推进降 本及L90 占比提升，其他毛利率继续保持转正为7.8%。3Q 研发和销管费用分别为23.9/41.9 亿元，研发 费用环比下降约6 亿元，销管费用环比有所增长主要受新车型周期带动，整体费用率环比-6.5ppt 至 30.2%。Non-GAAP 净亏损27亿元，3Q 公司改革成效持续兑现，业绩符合市场和我们预期。 强产品周期持续，4Q月销有望再创新高。公司指引4Q交付12-12.5 万辆，保持高水平。行至2026 年， 我们继续看好公司本轮产品周期和内部经营改善：现有5566 车型有望通过100 度电标配调整，支持销量 回升。我们认为，公司启动内部CBU改革后（Cell Business Unit），三个品牌定位清晰，布局日趋完 善。2026年公司计划2-3Q推出ES9/ES7/L80 三款SUV车型，我们预计公司继续发力站稳纯电大车市场； 此外，萤火虫加速推进全球化。 已实现现金 ...

中金主要观点如下： 业绩符合市场预期，改革成效持续兑现 （原标题：中金：维持蔚来-SW(09866)跑赢行业评级 目标价62港元） 智通财经APP获悉，中金发布研报称，当前蔚来-SW(09866)美股及港股分别对应2026年0.7/0.8x P/S，维 持跑赢行业评级，港美股目标价分别为62港元/8美元，均对应2026年1.0x P/S，港股和美股分别较当前 股价存32%/46%的上行空间。公司公布3Q25业绩：营收为217.9亿元，整体业绩符合市场和该行预期。 在强劲的产品周期带动下，公司财报表示3Q经营性现金流和自由现金流均实现转正。此前公司于9月17 日完成11.6亿美元公开增发新股融资，所筹资金规划用于智能电动汽车核心技术的研发、新一代技术平 台及车型的开发、充换电基础设施的扩展，以及进一步优化公司资产负债表，增强资金实力，该行认为 公司安全垫持续提升。 风险提示：市场竞争加剧致需求不及预期，费用控制及换电合作不及预期。 公司3Q25交付87,071辆，实现营收217.9亿元。综合毛利率环比+3.9ppt至13.9%，汽车毛利率环比+4.4ppt 至14.7%，创下公司1Q23以来季度最好水平，主因推 ...

Core Insights - The report from CICC indicates that NIO's overall performance in Q3 surpassed industry expectations, with multiple key metrics aligning with market forecasts, showcasing the effectiveness of recent reforms and entering a strong product cycle [1] - Looking ahead to Q4, CICC is optimistic about NIO's continued positive operational momentum, with monthly delivery volumes expected to exceed previous highs [1] Company Performance - NIO's Q3 financial report revealed historic breakthroughs in delivery volumes, revenue capabilities, and overall gross margin [1] - The revenue guidance for Q4 is projected to reach between 32.76 billion to 34.04 billion yuan, representing a year-on-year growth of 66.3% to 72.8%, positioning NIO as a leader among new energy vehicle companies [1] Product Strategy - NIO currently has three clearly defined brands, and its product matrix is becoming increasingly comprehensive [1] - The company plans to launch three SUV models, ES9, ES7, and L80, by 2026 to further strengthen its competitiveness in the pure electric large vehicle segment [1]