CICC released a research report saying that maintaining the NIO-SW (09866) “outperforming the industry” rating, the 2024/25 non-GAAP net profit remained unchanged, with a target price of HK$54 /7 US dollars, all corresponding to 1.5x in 2024

EV/REV, Hong Kong stocks, and US stocks have 53%/54% upward space, respectively, compared to current stock prices. The company held NIO Day in Guangzhou on December 21, Beijing time.

CICC's main views are as follows:

The flagship sedan ET9 was officially launched, and the industry's first mass production line control shift.

ET9 sold for 0.788 million yuan, sold for 0.66 million yuan after BaaS mode, 999 First units sold simultaneously

The first limited edition of the edition is priced at 0.818 million yuan. Currently, the first limited edition of the company's guidelines has been officially sold out. Currently, the overall ET9 order is in line with the company's expectations. In terms of delivery pace, ET9 is scheduled to begin delivery in March 2025. Overall, ET9 combines the company's twelve full-stack self-developed technological achievements, bringing nine innovative flagship experiences including design, space, comfort, audio, intelligent systems, smart driving, safety, three electricity, and driving. Taking the mechanical architecture as an example, the Tianxing full active suspension is the first mass-produced wire-controlled steering in the industry. Overall, the ET9 shows strong competitiveness compared to competing models such as the Audi A8L and BMW 7 Series.

Launch the Firefly brand and enter the high-end car market.

The company officially released the newly built smart electric high-end car brand Firefly. The brand logo is inspired by the compact, flexible, energetic, and energetic Firefly. It is mainly aimed at users who are comfortable, confident, and love life, and adhering to “free luminescence

Freedom to

The brand spirit of “glow”. Judging from the competency base, Firefly is expected to achieve a differentiated advantage in competitive products such as Smart and Mini, based on ten years of R&D, design, safety standards, and intelligent technology accumulated by NIO's main brand. The pre-sale price of the first product is 0.0.1488 million yuan, and it is scheduled to be officially launched in April '25. The bank expects the price to drop further under the BaaS model.

2025 will usher in a stronger product cycle, and financial improvements are expected to continue.

Ledao plans to deliver more than 10,000 vehicles in December, and gradually has a monthly delivery capacity of 0.02 million vehicles. The company guides the main brand to break through 0.02 million sales in December, and the bank expects overall sales volume to exceed 0.03 million vehicles in December. Looking ahead to 2025, the company is expected to usher in a stronger product cycle. Currently, it is planning the first ET9, Firefly model, and the facelift of existing models, all of which are expected to deliver incremental contributions. From a financial perspective, along with sales growth and cost reduction, the company revealed in the 3Q results meeting that the gross margin of NIO and Ledao is expected to gradually reach 15%/20%, respectively.