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CICC Axes NIO-SW (09866.HK) TP to HKD50, Maintains Outperform Rating
2026-02-13 10:11:24
CICC published a report covering NIO-SW (09866.HK)(NIO.US), which released a forecast for a non-GAAP earnings of RMB700 million to RMB1.2 billion for 4Q25, topping street consensus due to improvements in product structure and cost reduction.

In view of the improved product structure in 4Q25, the 2025 adjusted recurring earnings forecast was revised from a loss of RMB13.17 billion to a loss of RMB12.38 billion, while the 2026 adjusted recurring earnings forecast was maintained, with a new recurring earnings forecast of RMB7.68 billion for 2027. The Outperform rating was upheld.

Given the intensified industry competition, the target prices for Hong Kong/ US stocks were axed by 19% to HKD50/ USD6.5.
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