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<Research>JPM Lifts Full-Yr Sales Forecast for NIO by 13%; 1Q25 Results Mixed
Recommend 8 Positive 4 Negative 11 |
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JPMorgan released a report indicating that NIO-SW (09866.HK) (NIO.US) had mixed results for 1Q25. The company's GPM slightly exceeded the broker's and the market's expectations because of narrowed losses from other services, but the expansion of new products and channels led to increased operating and marketing expenses, resulting in net profit falling below expectations (6% lower than JPMorgan's estimate). In the broker's estimates, the company's non-GAAP operating profit will break even in the last quarter driven by strong sales growth and improved profitability. Additionally, NIO's management also emphasized cost-cutting measures to enhance profitability. JPMorgan raised its earnings forecast to reflect gradual improvement trends but noted the competitive market environment is challenging. The broker's GPM and sales estimates for NIO remained below management guidance. It kept a Neutral rating on NIO's ADRs, with a target price of USD4.1. JPMorgan also raised its full-year sales forecast for NIO in 2025 by approximately 13% from the original 282,000 units to 320,000 units, reflecting the momentum YTD and management comments. AAStocks Financial News |
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