Bank of America Securities issued a report stating that the sales of Nio-SW (9866. HK) have improved, and it is expected to have a better gross profit margin in the second half of this year, and its valuation is attractive. Therefore, the group's share rating has been upgraded from "neutral" to "Buy", the target price was raised to HK $202. The bank stated that the group has a strong model cycle and order backlog. Among them, the "ET7" model has been shipped in March, and the "ES7" is also expected to be launched in June and delivered in August. Bank of America also believes that Nio's valuation is attractive, and the current price is equivalent to 1.7 times the one-year forecast enterprise value/sales ratio, which is one standard deviation lower than the historical average...
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