BOCOM INTL: NIO-SW(09866) LeDao L90 pricing exceeds expectations, top version priced at under 300,000 yuan, maintaining "buy" rating.

BOCOM INTL released a research report stating that it maintains a "buy" rating for NIO-SW (09866) with a short-term rebound opportunity for the stock price due to marginal improvement. The bank believes that the future market focus may lie in the sustainability of NIO's marginal improvement (especially the sales volume rebound) and whether the cost reduction effect can meet market expectations. Although the stock price has rebounded by 50% from its low point, the current 2025 market-to-sales ratio for NIO is only 0.85 times, still lower than the valuation of 1-2 times for other new power players, suggesting that there may be continuous rebound opportunities for the stock price with marginal improvement. The report states that the L90 has officially entered the market with a starting price of 26.58 yuan (Pro version; Chinese Yuan, same below), while the Max and Ultra versions are priced at 27.98 yuan and 29.98 yuan respectively; the seven-seat model is priced at an additional 6,000 yuan starting at 27.18 yuan. The starting price for the BaaS (Battery as a Service) plan is 17.98 yuan (Pro version), with the Max and Ultra versions priced at 19.38 yuan and 21.38 yuan respectively; the seven-seat BaaS plan starts at 18.58 yuan. Compared to the pre-sale price announced on July 10 (starting at 27.99 yuan for the purchase of the whole car, 19.39 yuan for the BaaS plan), the official selling price has been reduced by approximately 1.41 yuan. In terms of equity, the new car is equipped with an 85kWh battery, L2-level intelligent driving assistance system, Orin-X chip, and other high-end configurations as standard, and offers a discount of 2,000 yuan reservation deposit deducted from the car purchase price, as well as a 5,000 yuan optional fund for repurchase users. Overall, even the top-end Ultra version (with core highlights of "four-wheel drive performance + zero-gravity seats + full set of air suspension system" compared to the Pro and Max versions) does not exceed the 30,000 yuan mark, reflecting the management's determination for a last stand. Taking into consideration pricing strategies and channel feedback, it is expected that monthly stable sales will easily surpass the market's expected 5,000 units. The success of the L90 will also pave the way for the subsequent release of the L80 model, helping NIO achieve a sales turnaround.