In "Major Banks," China International Capital Corporation lowered the target price for Nio to 50 yuan and maintained an "outperform industry" rating

CICC published a report stating that Nio Inc. (09866.HK)(NIO.US) announced a forecast for a Non-GAAP profit of RMB 700 million to 1.2 billion for the fourth quarter of last year. The profit margin exceeded market expectations due to improvements in product structure and cost reduction and efficiency enhancement. Currently, both U.S. and Hong Kong stocks correspond to a 0.7 times price-to-sales ratio for 2026. Considering the positive product structure in the fourth quarter, the non-GAAP profit forecast for 2025 has been revised from -13.17 billion to -12.38 billion, maintaining the non-GAAP profit forecast for 2026, and introducing a new forecast for 2027 at 7.68 billion, maintaining an "outperform the industry" rating.

Considering the intensified industry competition, the target price for Hong Kong and U.S. stocks has been adjusted down by 19% to HKD 50 / USD 6.5, corresponding to a 0.9 times price-to-sales ratio for 2026