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<Research>BofAS Cuts NIO-SW's TP to HKD52, Trims Net Loss Forecasts
Recommend 3 Positive 1 Negative 3 |
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According to BofA Securities' research report, NIO-SW (09866.HK) achieved total revenue of RMB22 billion in 3Q25, up 17% YoY or 15% QoQ, roughly in line with the broker's expectations. The company's annual revenue growth was primarily driven by a 41% increase in vehicle sales, though the average selling price fell by 18% YoY due to changes in the product mix. Given the better-than-expected vehicle gross margin of 14.7%, the overall gross margin rose by 3.1 ppts YoY or 3.9 ppts QoQ to 13.9%, surpassing BofA Securities' expectation of 12.8%. NIO-SW also trimmed its non-GAAP net loss to RMB2.8 billion by 40% YoY or 29% QoQ, beating BofA Securities' expectation of a non-GAAP net loss of RMB3.4 billion. BofA Securities adjusted its 2025-26 sales forecasts for NIO-SW by -5.5% and +0.4%. It also narrowed the 2025-26 non-GAAP net loss forecasts by 11% and 18%, respectively. NIO-SW's target price was reduced from HKD59 to HKD52, with a Neutral rating reiterated. AAStocks Financial News |
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