Evolving from captive silicon to an AI chip platform

研报英文原文证据摘录

Evolving from captive silicon to an AI chip platform

Idea

July 21, 2026 02:59 AM GMT

Morgan Stanley Asia Limited+MNIO Inc. | Asia Pacific Tim Hsiao

Equity Analyst

Evolving from captive silicon to Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

an AI chip platform Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

NIO's chip arm GeniTech (Shenji) presented itself at WAIC 2026 Joey Xu, CFA

as an all-domain AI silicon platform beyond cars, widening its Equity Analyst

Joey.Xu@morganstanley.com +852 3963-0337

market to embodied AI and inference while starting to monetize

NIO's heavy R&D line.

GeniTech (Shenji) made its first standalone appearance at WAIC 2026 in

Shanghai. In addition to its in-house smart-driving processor, management

presented Shenji as an all-domain, all-scenario silicon platform spanning three NIO Inc. (9866.HK, 9866 HK)

aspects: intelligent assisted driving, embodied intelligence, and agent inference. China Autos & Shared Mobility | China

Management even called it the only Chinese chipmaker straddling all three. We Stock Rating Overweight

Industry View In-Line

think GeniTech, as one of NIO's most sizeable R&D lines, is rebuilding a sunk cost Price target HK$58.00

into a monetizable franchise. Up/downside to price target (%) 48

Shr price, close (Jul 20, 2026) HK$39.26

52-Week Range HK$61.75-33.65

A broadening scope: We think what matters for investors is GeniTech’s migration

Sh out, dil, curr (mn) 2,273

from driving into training/inference workloads for humanoid robots, driverless Mkt cap, curr (mn) Rmb151,188.7

EV, curr (mn) Rmb142,347.3

logistics, and high-compute terminals, precisely the adjacencies that widen a captive Avg daily trading value (mn) HK$342