NIO 1Q26 Update: Gross Margin Reached 19%, Rating Upgraded to BUY
CMB International upgraded NIO Inc. (NIO US / 9866 HK / SGX: NIO) from HOLD to BUY, with target prices raised to US$7.00 / HK$55.00.
Key 1Q26 numbers:
Revenue: RMB25.53bn, +112.2% YoY
Sales volume: 83,465 units, +98.3% YoY
Gross margin: 19.0%, highest since 4Q21
Net loss: RMB496mn
The main focus is margin recovery and cost discipline. The report notes that NIO’s restructuring since FY25 appears to be supporting more sustainable cost reduction, while other revenue gross margin improved to 20.6%.
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- Song Di·05-22but its price continues to drop HK during the day and US in the night.1Report