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<Research>Macquarie Downgrades NIO-SW (09866.HK) to Neutral, Axes TP to $38
Recommend
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Positive
5
Negative
2
The anemic demand for NIO-SW (09866.HK)'s core NIO brands and slow production progress for the Onvo brand led to an 18% miss for the 4Q24 revenue guidance midpoint compared with consensus. Meanwhile, the broker was concerned that 50-60% of Onvo's orders will be impacted by the comments about the expiration of local purchase subsidies by end-2024.

Correspondingly, the broker lowered its sales forecasts on the company for 2024 and 2025 by 5% each and expanded its adjusted loss forecast for 2025 to RMB13 billion from RMB11 billion, downgrading the stock to Neutral and axing its target price by 27% to $38.

Related NewsNIO-SW 3Q Non-GAAP Adj. Net Loss Deepens to RMB4.403B

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