BOC International: The price of the NIO - SW (09866) Ledao L90 exceeds expectations, the top version does not exceed 300,000 yuan, and the rating remains “bought”

The Zhitong Finance App learned that BOC International released a research report saying that maintaining the NIO SW (09866) “buy” rating, marginal improvement in stock prices ushered in a short-term rebound. The bank believes that the future market focus may be on the sustainability of NIO's marginal improvements (especially sales recovery), and whether the cost reduction effect can meet market expectations. Although the stock price has rebounded 50% from a lower level, the current market sales rate of NIO in 2025 is only 0.85 times, which is still 1-2 times lower than the valuation of new power peers, improving the stock price marginally or ushering in opportunities for a continuous rebound.

According to the report, the Ledao L90 has officially hit the market. The starting price of the vehicle is 265,800 yuan (Pro version; RMB, same below), while the Max and Ultra versions are 279,800 yuan and 299,800 yuan respectively; the seven-seater model increased the price by 6,000 yuan (that is, starting at 271,800 yuan). The starting price of the BaaS (battery rental) plan is 179,800 yuan (Pro version), the Max and Ultra versions are 193,800 yuan and 213,800 yuan respectively, and the seven-seat BaaS plan starts at 185,800 yuan. Compared with the pre-sale price announced on July 10 (vehicle purchase starting at 279,900 yuan, BaaS plan starting at 193,900 yuan), the official sales price was reduced by about 14,400 yuan. In terms of benefits, all new cars are equipped with high-end features such as an 85 kWh battery, an L2 level intelligent driving assistance system, and an Orin-X chip as standard, and introduced a 2,000 yuan reservation fee to deduct 5,000 yuan for car purchases and a 5,000 yuan optional fund. Users who buy back can also enjoy point rewards.

Overall, even the top Ultra version (compared to the Pro and Max versions, its core highlight is “four-wheel drive performance+zero gravity seat+full air suspension system”) did not break through the 300,000 yuan mark, which reflects the management's determination to fight back the battle. Taking into account pricing strategies and channel feedback, it is estimated that the stable monthly sales volume will easily exceed the market's expectations of 5,000 units. The success of the L90 will also pave the way for the L80 models to be released later, helping NIO to reverse its sales volume.