CICC: Maintain Outperform rating on NIO-SW (09866) with a target price of HKD 41.

Guotong Financial APP learned that Zhongjin has released a research report stating that NIO-SW (09866) currently has a Hong Kong stock equivalent of 0.6x P/S in 2025. The report maintains the Non-GAAP net profit for 2025-26 and maintains an outperform industry rating with a target price of HK$41, corresponding to 0.9x P/S in 2025, with a 41% potential upside compared to the current stock price. The company announced a revenue of 12 billion yuan in the first quarter of 2025, with performance meeting market and bank expectations.