The Zhitong Finance App learned that Morgan Stanley released a research report stating that it reaffirmed the “increase” rating of NIO - SW (09866), with a target price of HK$68.5. The bank believes that cooperation with Geely Holdings (00175) in the field of power exchange and charging will bring equity capital and power exchange network traffic to NIO, and it is expected that more partners will join in the future.

The bank pointed out that this cooperation did not set a contractual obligation for the number of power exchange stations, and maintaining the goal of reaching 10,000 power exchange stations by 2030 is a strategic decision of NIO. The transaction price is based on the 2024 Wuhan Optics Valley financing round, based on a pre-investment valuation of RMB 10 billion, reflecting the market valuation.

The bank mentioned that NIO is still in negotiations with other car companies and Robotaxi operators, and believes more projects will be announced after confirmation.

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