CICC: Maintains Outperform Rating on NIO-SW, Raises Target Price by 51% to HK$68

CICC issued a research report stating that the current 2026 P/S ratio of NIO-SW US stocks and Hong Kong stocks is 0.7x. It maintains its 2025 non-GAAP profit forecast and adjusts the 2026 non-GAAP net profit to 5.43 billion yuan, considering the company's strong product cycle. It also maintains its outperform industry rating. Considering the strong product cycle of the company and the expectation of achieving full-year profit in 2026, the target prices of Hong Kong and US stocks have been raised by 51% and 52% respectively to 68 Hong Kong dollars and 8.8 US dollars, both corresponding to a 2026 P/S ratio of 1.0x. Hong Kong and US stocks have upside potentials of 33% and 38% respectively compared to the current stock prices.