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BOCI Raises NIO (NIO.US) TP to US$14 as Firm Entering Sustainably Profitable Cycle
2026-04-13 15:36:18
BOCI issued a research report expecting NIO-SW (09866.HK)'s ES9 to post stable monthly deliveries of 3,000-4,000 units, driving total monthly sales of ES8 and ES9 to remain above 10,000 units, with further upside potential.

Meanwhile, BOCI believed that NIO-SW is currently at a critical fundamental inflection point, transitioning from a historical cash-burn expansion phase to a scalable and sustainably profitable growth cycle.

This shift is driven by two core engines, naming the highly cost-effective NT3.0 platform and the Company's extensively deployed battery-swapping network built over the years, which is transforming from a heavy-asset burden into a profitable core infrastructure asset.

The broker believed that NIO-SW's strong growth momentum, clear operational inflection point and visible cash flow path will reverse the market's long-standing pessimism, enabling the Company to secure a valuation premium comparable to its peers rather than the current unjustified valuation discount.

Therefore, BOCI reiterated rating at Buy rating, and raised its target price for NIO-SW's US stock to US$14.
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