ES9行政旗舰SUV首发：蔚来11年创新的巅峰

Company Update AsiaChina “ES9" executive flagship SUV debut:Pinnacle of NIO’s 11-years Innovation Valuation & Risks Bin Wang NIO Launches Pre-Sales for "ES9" Executive Flagship Electric SUV, TargetingCompetitors with Enhanced Features Research Analyst+852-220-35496 On April 9, NIO started pre-sales of the "ES9" executive flagship electric SUV witha starting price of RMB 528k (or RMB 420k for BaaS [battery as a service]customers). Normally, the final price will be lower than the pre-sales price, thus weestimated the final official starting price at RMB 518k (RMB 10k below its pre-saleprices). Deliveries are expected to begin at the end of May 2026. The “ES9” willcompete with the AITO "M9 EV" (RMB 510-600k), the Li auto "L9 Livis" (RMB 560k),and Zeekr "9x" (RMB 466k-600k). Against these competitors, the “ES9” offersbigger size, elegant design, and advanced high-tech features, and we estimate ES9will sell ~ 2,000 units per month at a base scenario (and ~5,000 units per month ata bull case scenario). Wei HuangResearch Associate+852-2203-7057 ES9: A Spacious, Technologically Advanced Executive Flagship SUV As the largest pure electric SUV in China, the "ES9" SUV offers superior passengerspace due to its 5,365 mm length, 2,029 mm width, 1,870 mm height, and 3,250mm wheelbase, along with steer-by-wire technology, providing a generous andproper first-class experience. Positioned as an executive flagship SUV, the "ES9"SUV’s NT. Cedar operation system can coordinate smart cabin, smart driving,vehicle control, and smart connectivity features. In particular, its autonomousdriving hardware suite consists of three LiDARs, 4D mm-wave radar, 8MP cameras,and NIO's in-house designed 5nm "NX9031" autonomous driving chips. Basing onNIO's "NT 3.0" platform, the new "ES9" utilizes NIO’s 925V high-voltage fast-charging platform which allows for a peak charging power of 600kW and acharging current of 765A. Its 102 kWh battery pack can offer a maximum 620 kmrange, thanks to the ES9’s superior energy efficiency of 17.4 kWh per 100 km.Meanwhile, the ES9's "SkyRide" intelligent chassis system integrates steer-by-wire, rear-wheel steering, and a fully active suspension. This fully active suspensioncombines the shock absorber with the active suspension electric drive unit,enabling it to adapt to an ultra-large range of transient adjustments for stiffness,damping, and height, creating a comfortable driving experience. Anticipates Stable Q1 2026 Vehicle Gross Margin Amidst Improved Product Mixand Cost Pressures NIO has issued an achievable quarterly revenue guidance of RMB 24.5-25.2 billion 10 April 2026Autos & Auto TechnologyNIO (a YoY increase of 103-109%), given the 98% YoY increase in 1Q volume.Additionally, management guided for NIO's 1Q26 vehicle gross margin to remainat a similar level to 4Q25. This is attributed to a combination of further improvedproduct mix, with the higher-margin NIO brand accounting for 70% of the totalvolume in 1Q26 (a significant increase from 54% in 4Q25), and the negative impactfrom rising memory chip prices, raw material costs, battery prices, and above-mentioned increased cash promotions. Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformation is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investorsare strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company.7.Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking or financial advisory services within the past year.8.Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservices from this company in the next three months.14.Deutsche Bank and/or its affiliate(s) has received c