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<Research>HSBC Global Research Trims NIO-SW (09866.HK) TP to $55.8 w/ Lower Earnings Forecast
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HSBC Global Research wrote in its research report that NIO-SW (09866.HK) (NIO.US) logged a net loss of RMB5.1 billion for 2Q, slightly weaker than the broker's previous forecast, which is believed to be due to the underestimation of marketing expenses for its newer car models. NIO-SW's 2Q GPM was recorded at 9.7% with a QoQ increase of nearly 5 ppts. Looking ahead to 2H24, HSBC Global Research expected NIO-SW to see continued improvement in profit margins along with supply chain cost optimization as well as scale and efficiency enhancement. The broker also adopted an upbeat outlook on growth in the company's sales volume and earnings. Given the lower price of the ONVO model and another new brand Firefly targeting low-price markets, HSBC Global Research reduced its 2024-2026 net profit forecast for NIO-SW by 26-39%, anticipating that the GPM may be affected. The broker trimmed the TP from $61.4 to $55.8, with a Buy rating remaining in place. AAStocks Financial News |
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