Deutsche Bank: Raises NIO-SW (09866) target price to 80 Hong Kong dollars, maintains "buy" rating.
Based on the performance of the ES9, which exceeded expectations, the bank will raise its full-year sales forecast for NIO by 5% to 420,000 vehicles; it is expected that after increasing production capacity in the second half of the year, the average monthly sales of the ES9 will reach around 5,000 vehicles.
Deutsche Bank released a research report stating that NIO-SW (09866) officially started pre-selling the ES9 on April 9th, with a starting price of 528,000 RMB (similarly priced). The new car is expected to be delivered at the end of May. Channel surveys show that the number of cancellable orders nationwide has reached approximately 40,000. Dealers predict that national monthly sales of ES9 could exceed 5,000 vehicles. The target price has been raised from 76 Hong Kong dollars to 80 Hong Kong dollars, maintaining a "buy" rating.
Based on better-than-expected ES9 orders, the bank has raised its NIO's full-year sales forecast by 5% to 420,000 vehicles; it is expected that after the increase in production capacity in the second half of the year, the average monthly sales of ES9 will reach about 5,000 vehicles.
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