CICC: Gives NIO a Buy Rating.

Guoyuan International released a research report on NIO, stating that the company's sub-brand, LeDao, has started pre-sales of its new model, L90, at a pre-sale price of only 190,900 yuan, which exceeds expectations and is highly competitive among similar models. The release of this model indicates that the future market focus may be on marginal improvement, especially the sustainability of sales rebound, while the cost reduction effect can meet market expectations. Currently, NIO's 2025 market-to-sales ratio is about 0.6 times, with limited downside potential. Marginal improvement in stock prices is expected to bring short-term rebound opportunities, so the rating remains Buy.