NIO Inc. Class A (HK:9866)
:9866
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NIO Inc. Class A
(9866)
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Rating:49Neutral
Price Target:
HK$44.00
▲(8.27% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weak financial fundamentals (ongoing losses, high leverage, and negative free cash flow) and bearish technical momentum. These are partially offset by a constructive earnings-call outlook showing strong YoY growth, improving margins, and a path toward positive non-GAAP operating profitability, while valuation remains a moderate headwind due to the high P/E.
Positive Factors
Delivery & Revenue Growth
Sharp year-over-year delivery and revenue expansion show durable demand and successful multi-brand expansion. Sustained volume growth improves fixed-cost absorption, boosts supplier leverage and supports predictable top-line scaling over the next several quarters as new models ramp.
Negative Factors
Very High Leverage
A highly leveraged capital structure with debt-to-equity around 6.3x materially constrains financial flexibility and raises refinancing and interest-rate vulnerability. Elevated leverage increases downside risk if volumes or margins slip and limits room for opportunistic investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Delivery & Revenue Growth
Sharp year-over-year delivery and revenue expansion show durable demand and successful multi-brand expansion. Sustained volume growth improves fixed-cost absorption, boosts supplier leverage and supports predictable top-line scaling over the next several quarters as new models ramp.
Read all positive factors
NIO Inc. Class A (9866) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$109.02B
Dividend YieldN/A
Average Volume (3M)11.11M
Price to Earnings (P/E)82.5
Beta (1Y)1.08
Revenue Growth51.57%
EPS Growth66.02%
CountryHK
Employees45,635
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-11.55
Shares Outstanding2,328,724,900
10 Day Avg. Volume9,875,126
30 Day Avg. Volume11,109,198
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)20.09
Price to Sales (P/S)0.98
P/FCF Ratio-27.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$58.83Price Target Upside44.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-1.29
Revenue Forecast (FY)HK$150.72B
NIO Inc. Class A Business Overview & Revenue Model
Company Description
NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five, six, and seven-seater electric SUVs, as well as smart electric sedans. The company is also involved in the provision of energy and service packag...
How the Company Makes Money
NIO primarily makes money by selling electric vehicles and related automotive products, which typically represent the largest portion of its revenue. In addition to vehicle sales, the company generates revenue from providing EV-related services an...
NIO Inc. Class A Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 09, 2026
Earnings Call Sentiment Positive
The call emphasized strong year-over-year operational and financial improvement: nearly doubled deliveries YoY, revenue growth >100% YoY, materially improved vehicle and overall gross margins, positive non-GAAP operating profit and positive operating cash flow, large cash balance, multiple product milestones and substantial progress on in-house chips and smart driving. Offsetting risks include quarter-over-quarter revenue and delivery declines, ongoing GAAP net loss, significant raw material and memory cost pressure (>RMB 10,000 per car), upfront investment needs for swap station expansion, and the need to build brand awareness for newer brands (ONVO). Management provided margin and profitability targets (vehicle margin ~17%-18% for full year, positive non-GAAP operating profit) and outlined mitigation actions. On balance, the strong YoY growth, improved margins, product momentum and cash generation outweigh the near-term headwinds and execution risks highlighted on the call.Positive Updates
Strong YoY Delivery Growth
Total deliveries of 83,465 smart EVs in Q1 2026, up 98.3% year-over-year. Brand breakdown: NIO 58,543; ONVO 13,339; FIREFLY 11,583. April deliveries 29,356, up 22.8% year-over-year.
Negative Updates
Quarter-over-Quarter Revenue and Delivery Decline
Revenues down 26.3% quarter-over-quarter and vehicle sales down 27.9% quarter-over-quarter, driven by fewer deliveries in the quarter and decreases in technical R&D services and used car sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong YoY Delivery Growth
Total deliveries of 83,465 smart EVs in Q1 2026, up 98.3% year-over-year. Brand breakdown: NIO 58,543; ONVO 13,339; FIREFLY 11,583. April deliveries 29,356, up 22.8% year-over-year.
Read all positive updates
Company Guidance
Guidance highlights: management expects Q2 deliveries of 11,000–11,500 units (implying year‑over‑year growth of 52.7%–59.6%), targets vehicle margin of roughly 17%–18% for Q2 and the full year despite an estimated >RMB10,000 per‑unit cost headwind, and aims to deliver a positive full‑year non‑GAAP operating profit; quarterly R&D spending is guided at about RMB2.0–2.5 billion and SG&A is targeted around 10% of revenues (with Q2 marketing/launch spend seasonally higher), other‑sales margin is targeted near 20% for 2026, and the company plans to add >1,000 power‑swap stations this year (fifth‑generation swaps rolling out at scale in Q3) while equipping >80%–85% of cars with its in‑house driving chip in H2; for context Q1 results included 83,465 deliveries (+98.3% YoY), RMB25.5 billion total revenue (+112.2% YoY), RMB22.8 billion vehicle sales (+129.2% YoY), Q1 vehicle margin 18.8%, overall gross margin 19.0%, other sales margin 20.6%, positive operating cash flow and ending cash/equivalents of RMB48.2 billion (adjusted operating profit RMB66.8 million; adjusted net profit RMB43.5 million).NIO Inc. Class A Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
20
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 69.42B | 85.22B | 65.73B | 55.62B | 49.27B | 36.14B |
| Gross Profit | 7.13B | 11.61B | 6.49B | 3.05B | 5.14B | 6.82B |
| EBITDA | -21.25B | -14.39B | -18.50B | -15.15B | -10.05B | -985.36M |
| Net Income | -24.31B | -14.57B | -22.66B | -21.15B | -14.56B | -10.57B |
Balance Sheet | ||||||
| Total Assets | 100.05B | 124.45B | 107.60B | 117.38B | 96.26B | 82.88B |
| Cash, Cash Equivalents and Short-Term Investments | 17.80B | 45.80B | 33.47B | 49.75B | 39.06B | 52.39B |
| Total Debt | 29.10B | 31.26B | 33.77B | 50.38B | 23.71B | 20.10B |
| Total Liabilities | 93.43B | 111.76B | 94.10B | 91.65B | 68.62B | 44.82B |
| Stockholders Equity | -1.21B | 4.16B | 5.97B | 25.55B | 23.87B | 34.71B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -2.99B | -16.99B | -15.72B | -10.84B | -2.11B |
| Operating Cash Flow | 0.00 | 2.92B | -7.85B | -1.38B | -3.87B | 1.97B |
| Investing Cash Flow | 0.00 | -10.68B | -4.96B | -10.89B | 10.39B | -39.76B |
| Financing Cash Flow | 0.00 | 6.18B | 1.77B | 27.66B | -1.62B | 18.13B |
NIO Inc. Class A Technical Analysis
Negative
40.64
Price Trends
47.73
Negative
43.01
Negative
45.45
Negative
Market Momentum
-0.86
Positive
36.75
Neutral
4.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9866, the sentiment is Negative. The current price of 40.64 is below the 20-day moving average (MA) of 47.89, below the 50-day MA of 47.73, and below the 200-day MA of 45.45, indicating a bearish trend. The MACD of -0.86 indicates Positive momentum. The RSI at 36.75 is Neutral, neither overbought nor oversold. The STOCH value of 4.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9866.
NIO Inc. Class A Risk Analysis
NIO Inc. Class A disclosed 122 risk factors in its most recent earnings report. NIO Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NIO Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$216.62B | 5.70 | 18.03% | 1.95% | 39.48% | -27.45% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$154.80B | 24.70 | 10.49% | 3.41% | 17.13% | -18.63% | |
58 Neutral | HK$882.57B | 51.93 | 11.86% | 1.55% | -3.19% | -40.56% | |
56 Neutral | HK$110.73B | 90.07 | -3.77% | ― | 88.09% | 80.63% | |
49 Neutral | HK$109.02B | 82.52 | -984.82% | ― | 51.57% | 66.02% | |
48 Neutral | HK$125.79B | 4,582.27 | 1.55% | ― | -22.22% | -86.30% |
* Consumer Cyclical Sector Average
HK:9866
NIO Inc. Class A
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NIO Inc. Class A Corporate Events
NIO Posts Strong Year-on-Year Growth and Higher Margins in Q1 2026
May 21, 2026
NIO reported unaudited first-quarter 2026 results showing vehicle deliveries of 83,465 units, nearly doubling from a year earlier but down sharply from the prior quarter as the company cycled a strong Q4. The deliveries were spread across its NIO,...
NIO Sets May 21 Board Meeting to Approve and Present Q1 2026 Results
May 11, 2026
NIO Inc. has scheduled a board meeting for May 21, 2026, to approve its unaudited financial results for the first quarter of 2026, which will be released the same day on both the Hong Kong Stock Exchange news platform and the company’s inves...
NIO Sets Record Date for 2026 Annual General Meeting Voting
May 8, 2026
NIO Inc. has set May 22, 2026, as the record date for determining which holders of its Class A and Class C ordinary shares are eligible to attend and vote at its upcoming annual general meeting, where all shareholders will vote as a single class. ...
NIO’s April Deliveries Surge as New Flagship SUVs Bolster EV Lineup
May 3, 2026
NIO Inc., a leading smart electric vehicle maker listed in New York, Hong Kong and Singapore, designs, manufactures and sells premium EVs under the NIO brand, family-focused models under ONVO and small high-end cars under FIREFLY. The company emph...
NIO Files 2025 Annual Report as Cross-Listed EV Maker Updates Investors
Apr 10, 2026
NIO Inc. has announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission. The filing, accessible via the company’s investor relations website, fulfi...
NIO Deliveries Nearly Double as ES8 SUV Cements Lead in China
Apr 1, 2026
NIO reported a sharp acceleration in deliveries for March and the first quarter of 2026, underlining rapid growth across its three brands in the increasingly competitive electric vehicle market. The company delivered 35,486 vehicles in March, up 1...
NIO Rides Surging Deliveries and 100 Million Battery Swaps to Strengthen EV Position
Mar 1, 2026
NIO Inc., a leading smart electric vehicle manufacturer, operates multiple brands across market segments, including premium NIO models, family-focused ONVO vehicles, and FIREFLY small high-end cars. The company aims to pair advanced EV technologie...
NIO Sets March 10 Board Meeting and Earnings Call for Q4 and Full-Year 2025 Results
Feb 26, 2026
NIO Inc. has scheduled a board meeting for March 10, 2026, to approve its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The company plans to release these Q4 and FY2025 figures the same day on both the H...
NIO Secures RMB2.26 Billion Investment for Intelligent-Driving Chip Subsidiary
Feb 26, 2026
NIO has announced that its subsidiary GeniTech Co., Ltd., known as Shenji and responsible for NIO’s intelligent-driving chip business, has entered into definitive agreements with domestic investors for a cash investment of RMB2.257 billion. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.