NIO Projects 304% Q2 Profit Surge, Raises 2026 Delivery Forecast
NIO•Deutsche Bank forecasts Q2 adjusted net profit of 180 million yuan, a 304% sequential increase, and raises NIO’s 2026 delivery forecast to 450,000 vehicles. Bank lifts price target to HK$86, cuts full-year loss forecast by over 35%, and cites 3,108 ES9 SUVs delivered in four days with 25,000 non-cancellable orders.
1. Profit and Delivery Forecast
The bank forecasts NIO will post a Q2 adjusted net profit of 180 million yuan, a 304% sequential increase, and anticipates 2026 vehicle deliveries of 450,000 units, a 38% year-over-year rise. It also cuts the full-year loss estimate by over 35%.
2. Strong ES9 Demand Boosts Sales Outlook
The newly launched ES9 SUV delivered 3,108 units in its first four days and holds more than 25,000 non-cancellable orders, while ES8 monthly deliveries surpassed 10,000 units for the seventh consecutive month, contributing to a record 37,705 vehicles delivered in May.
3. Price Target and Profitability Signals
NIO’s price target was increased to HK$86 as gross margins expanded to 19% and adjusted operating profit reached 66.8 million yuan in Q1, supporting expectations of 110,000 to 115,000 vehicle deliveries in Q2.
