Deutsche Bank Sees 304% Q2 Profit Surge, Raises Nio Price Target to HK$86
DB•Deutsche Bank forecasts Nio’s second-quarter non-GAAP net profit at 180 million yuan, a 304% sequential increase, and raises 2026 delivery guidance to 450,000 vehicles while lifting its price target to HK$86. The firm also trimmed Nio’s 2026 loss projection by over 35%, driving Nio shares up more than 2%.
1. Research Forecast Details
Deutsche Bank projects Nio will report a non-GAAP net profit of 180 million yuan in Q2, up 304% from Q1, driven by stable margins and increased SUV sales. The bank lifted its price target to HK$86 from HK$84.50, trimmed its 2026 loss forecast by over 35% and raised its ES9 delivery estimate to 56,000 units.
2. ES9 Demand and Orders
Nio’s new ES9 SUV delivered 3,108 units in its first four days and has secured more than 25,000 non-cancellable orders, with wait times of eight to nine weeks for base models and up to 16 weeks for high-end variants. The ES8 also maintained strong momentum with 11,475 deliveries in May, contributing to a record 37,705 total vehicles delivered last month and expected Q2 volumes of 110,000–115,000 units.
3. Market Reaction and Outlook
Nio’s U.S.-listed shares jumped over 2% overnight, reversing a four-session slide, as investors focused on Deutsche Bank’s bullish profit outlook and robust SUV demand despite the Pentagon’s military company listing. Competition is intensifying in China’s premium SUV market, with rivals like Huawei-backed Aito and Li Auto challenging Nio on performance and features.
