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<Research>BofAS Cuts NIO-SW (09866.HK) TP to $47 as GPM Expansion Slows
Recommend 3 Positive 4 Negative 4 |
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According to a BofA Securities report, NIO-SW (09866.HK) reported a 3Q24 non-GAAP net loss of RMB4.4 billion, exceeding the broker's forecast of RMB4.1 billion, while its GPM increased by 2.7 ppts YoY to 10.7%, falling below the expected 11.4%. The company expected the NIO brand's GPM to rise to 15% in 4Q24 and reach 20% in 2025. BofA Securities adjusted its 2024-2026 sales forecasts for NIO-SW by -1%/ +1%/ +10%, while cutting its 2024-2026 GPM forecasts by 0.4/ 0.4/ 0.6 ppts to reflect competitive pressure. The broker lowered its target price for NIO-SW from $50 to $47 and reiterated a Neutral rating, expecting next year's sales growth to partially offset the impact of slower GPM expansion and higher operating expenses. AAStocks Financial News |
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