《大行》大摩料蔚来乐道 L90 月销可达 5,000 辆 吁「增持」

Morgan Stanley's research report indicates that NIO-SW (09866.HK) (NIO.US) saw its H-share price rise by over 10% yesterday (14th), mainly due to stable order volumes for the L90 model, with channel sources reflecting orders reaching 30,000 to 35,000 units. Although this is still lower than the pre-sale performance of over 60,000 units for the L60 in the third quarter of 2024, market expectations for L90's sales were already low. The report states that the L90 offers superior interior space and configuration specifications, especially if its official price is lower than the pre-sale price, making it highly competitive among vehicles priced below 300,000 RMB. Therefore, the report anticipates that achieving monthly sales of over 5,000 units for the L90 will not be difficult.

The report also mentions that the market may need to continue observing store traffic and pre-order situations over the next few weeks until the official delivery in August to hold a more positive attitude towards the company; subsequently, improvements in L60 sales and NIO's main brand regaining sales momentum through more aggressive promotions will also be necessary. The current target price for US stocks is set at $5.90 with an "Overweight" rating