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<Research>Citi Expects NIO-SW (09866.HK) 1Q Non-GAAP Net Loss to Be Controlled Within RMB900M, Keeps Buy Rating
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Citi Research issued a research report now expecting NIO-SW (09866.HK)(NIO.US) to achieve a composite average gross profit margin of 17.3% in 1Q26, following NIO-SW's 4Q25 results briefing and conference, primarily due to product mix optimization, namely by selling more high-end models with gross profit margins of 20-25%, leading to a 6% QoQ increase in average vehicle selling price; cost control from the digestion of previous battery and memory inventories that stabilize gross profit margin by approx. 2-3 ppts QoQ; and further optimizing sales & management expenses and R&D intensity. The broker believed that NIO-SW's non-GAAP net loss in 1Q25, traditionally a low season for car sales, can be effectively controlled within RMB900 million. Therefore, Citi Research kept rating at Buy on the stock, with target prices of $47.3/ US$6.2 for NIO-SW's H-shares/ ADR. AASTOCKS Financial News Website: www.aastocks.com |
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