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<Research>BofAS Hikes NIO-SW (09866.HK) TP to HKD52, Maintains Neutral Rating
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BofA Securities released a research report covering NIO-SW (09866.HK), which announced its 4Q25 results yesterday (10th), with total revenue reaching RMB34.7 billion, roughly in line with the broker's expectations. The YoY growth was juiced by higher vehicle sales and ASP, on the back of a favorable product mix. The 4Q25 non-GAAP net profit was RMB728 million, compared to a net loss of RMB6.5 billion in 4Q24, marking NIO's first single-quarter profit. The broker slightly raised its sales forecast for 2026 and 2027 to reflect new sales guidance and model reserves. Considering the 4Q25 results and better margins, the non-GAAP net profit for 2026 was expected to be RMB381 million, versus the previous forecast of a non-GAAP net loss of RMB2.7 billion. BofA Securities lifted NIO's TP from HKD49 to HKD52; and NIO (NIO.US) US stock TP was raised from USD6.3 to USD6.7, with the Neutral rating reiterated due to its strong model reserves and controlled opex, partially offset by sector headwinds. AASTOCKS Financial News Website: www.aastocks.com |
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