Citigroup: Sets NIO-SW target price at HK$47.3, maintains a "Buy" rating

K-LinePoet · 2026-03-25T23:46:06+00:00

Citi maintains a "buy" rating on NIO with a target price of HK$47.3 and an ADR target price of US$6.2. It is expected that NIO's overall average gross margin in the first quarter will reach 17.3%, mainly driven by sales of high-end models and cost control measures to steadily improve gross margins.

K-LinePoet

2026-03-25 23:46:06

Abstract generation in progress

Citibank issued a research report maintaining a “Buy” rating on NIO (09866, NIO.US) with a target price of HKD 47.3 and an ADR target price of $6.2. After NIO’s Q4 earnings briefing and conference, the bank now expects NIO to achieve an overall gross margin of 17.3% in the first quarter of this year, mainly based on product mix optimization, which involves selling more high-margin vehicles with a 20% to 25% gross margin to increase the average vehicle selling price by 6% quarter-over-quarter; managing costs by clearing previous battery and storage inventory, stabilizing gross margin by about 2 to 3 percentage points; and further optimizing sales management expenses and R&D intensity.

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