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<Research>BOCI: NIO 4Q Delivery Guidance Misses, But Non-GAAP Breakeven Target Unchanged
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In 3Q25, NIO-SW (09866.HK) achieved a QoQ increase of 14.7% in total revenue, slightly exceeding expectations, according to BOCI's research report. The company's vehicle gross margin also beat expectations with a spike of over 4 ppts to 14.7%. Despite the subtle QoQ decline in operational expenses as a result of intensive releases of new models, NIO-SW still managed to trim its non-GAAP net loss by 33% QoQ. Meanwhile, NIO-SW's delivery guidance for 4Q25 suggests a delivery volume of just over 40,000 units from November to December, below market expectations and seasonal characteristics at year-end, reflecting management's cautious forecast of overall market demand amid the gradual depletion of local replacement subsidy funds. Nonetheless, NIO-SW's management reiterated the goal of achieving non-GAAP breakeven in 4Q25, which will primarily rely on product structure upgrades brought by the better production capacity of the new ES8 model, stable non-automotive business profits, and enhanced operational efficiency. BOCI kept a Buy rating and a target price of USD10.5 for NIO (NIO.US). AAStocks Financial News |
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