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<Research> Haitong International Cuts NIO-SW (09866.HK) TP to HKD46.22, Maintains Neutral
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Haitong International published a research report stating that NIO-SW (09866.HK) recorded 1Q26 revenue growth of 112.2% YoY, with vehicle deliveries of 84,000 units, up 98.3% YoY. Affected by the Chinese New Year off-season and a high base in 4Q last year, deliveries fell 33.1% QoQ. However, a higher proportion of high-margin models supported profitability. The companys GAAP net loss narrowed to RMB332 million, while Non-GAAP adjusted profit reached RMB43.5 million. Management maintained its full-year 2026 Non-GAAP operating profit target and guided 2Q deliveries of 110,000 to 115,000 units, representing YoY growth of 52.7% to 59.6%. Revenue guidance for the quarter is RMB32.78 billion to RMB34.44 billion, up 72.4% to 81.2% YoY. The company expects to deliver nearly 40,000 units in May and increase to 40,000 to 45,000 units in June. For gross margin, the company targets a vehicle gross margin of 17% to 18% for 2Q and the full year. However, rising BOM costs will gradually emerge from 2Q onward, with average cost pressure per vehicle exceeding RMB10,000. The broker noted that further improvement in sales and profitability will depend on the actual delivery performance and sustainability of ES9, L80, the facelifted L60 and the five-seater ES8. Taking into account the product cycle, the broker raised its delivery forecast for this year by 5% to 455,000 units. It projected revenue of RMB126.7 billion, RMB137.1 billion and RMB155.2 billion for 2026 to 2028, respectively. The TP was lowered from HKD51.12 to HKD46.22, with a Neutral rating maintained. (sl/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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