报告公司投资评级 - 报告维持"持有"评级和目标价5.20美元不变 [3] 报告的核心观点 - 1Q24整体业绩承压,当期在手现金流出约120亿元 [4] - 2Q24预计交付5.4-5.6万辆新车,汽车板块毛利率有望环比提升至双位数 [2] - 维持"持有"评级和目标价5.20美元不变,考虑到1)新能源车行业以价换量的"价格战"仍在持续升温,竞争将加剧蔚来销量和盈利能力的不稳定性;2)同时,公司近期股价已反应子品牌乐道L60的发布以及整体销量回暖的利好 [3][12] 财务数据总结 - 1Q24实现营业收入99.1亿元,同环比下降7.2%/42.1%;其中汽车销售收入83.8亿元,同环比下降9.1%/45.7% [4] - 1Q24综合毛利率为4.9%,同比提升3.4个百分点,环比下降2.6个百分点;其中汽车销售板块毛利率为9.2%,同比提升4.1个百分点,环比下降2.9个百分点 [4] - 1Q24研发费用、销售和管理费用共计58.6亿元,三费总和同比提升6.1%,环比下降26.2%;但三费率同环比分别上升7.5/12.7个百分点至59.2%,经营效率有所下滑 [4] - 1Q24实现Non-GAAP归母净亏损为49.0亿元,同比扩大18.2%;单车亏损达到17.3万元,环比持续扩大 [4] - 截止1Q24,蔚来持有现金及等价物、受限资金和短期投资共432.9亿元,较2023年末下降约120亿元 [4] 未来展望 - 预计2Q24交付5.4-5.6万辆新车,同比增长129.6-138.1%;对应收入总额在165.87-171.35亿元之间,同比增长89.1%-95.3% [5] - 2Q24的汽车销售毛利率将提升双位数 [5] - 乐道L60将在9月上市交付,预计今年交付3万辆;管理层认为乐道品牌的盈亏平衡点为月销量达到2-3万辆,远期毛利率目标为15% [5] - 公司将在全国新开设约100家门店,店均资本支出为100-200万元 [5] - 紧凑车型品牌萤火虫计划于24年年底亮相,售价区间为10-20万元人民币,新车型将保持蔚来的换电特性并与蔚来品牌并网销售 [5] - 在两个子品牌的支持下,公司预计明年蔚来汽车的年销量将达到35-40万辆 [5]

文章核心观点 - Nio正在准备推出第二代Nio手机,计划在2024年的Innovation Day上发布 [1] - Nio手机的主要功能是与Nio汽车进行交互,提供30多种功能控制,如调节空调温度、开启座椅按摩等 [3] - Nio手机的价格在890美元到1030美元之间,对于不开Nio汽车的用户来说,购买动力较小 [3] - 由于智能手机和电动车市场都被大型企业主导,Nio在这两个领域都面临着巨大的行业竞争压力 [3][4] 行业分析 - 电动车行业面临来自美国的关税威胁,投资者对中国电动车股票持谨慎态度 [2] - 如果特朗普再次当选,可能会对Nio等公司产生更大的负面影响 [2] - Nio股价已经下跌47%,市场对Nio手机的更新并不买账 [3][4] 公司分析 - Nio需要寻找新的增长动力,但扩展到手机领域是否是最佳解决方案存在疑问 [2] - Nio手机的功能局限于与Nio汽车的交互,对于非Nio车主的吸引力较小 [3] - Nio在手机和电动车两个领域都面临着来自大型企业的激烈竞争 [3]

From seemingly any angle, China’s flagship electric vehicle manufacturer Nio (NYSE:NIO) seems to be facing an existential crisis. Recently, the European Union threatened to impose tariffs on EVs imported from China, a measure to protect European automotive manufacturers from unfair competitive practices, according to Reuters. Naturally, that’s a massive speedbump against Nio stock.At the same time, not everyone in Europe is thrilled with the idea. Both German government officials and automakers have express ...

EV stocks have been among the worst-performing options for investors over the past few years. High interest rates have caused EV sales volumes to plummet. However, while many have banked on cyclical tailwinds inflecting after rate cuts, there are potentially even worse headwinds coming into play going forward.For example, hybrids are starting to become more and more popular. Many car buyers like the flexibility and the efficiency gains hybrids offer. I think this trend could be one that could remain a thorn ...

One of China’s mainline electric vehicle (EV) manufacturers, Nio (NYSE:NIO), saw its shares dip only slightly today. Yesterday, the European Union announced that it would impose tariffs on EVs imported from China of up to 38%, according to The New York Times. The move follows President Joe Biden’s quadrupling of U.S. tariffs on Chinese EVs to 100%. In the trailing five sessions, NIO stock lost 7% as shareholders digested the geopolitical framework. Today, the stock is down about another 1%.Per the NYT, the ...

Chinese EV maker Nio (NYSE: NIO) is certainly a top option for investors looking for exposure to the high-growth Chinese EV market. The company’s top models are highly popular in China, and the company has seen strong market share gains in the battery EV space in recent years.With more than $7 billion in revenue over the past year, the company expects to grow at a 20%+ clip in future years. Indeed, this growth should support higher stock prices over time. The company’s deliveries are up more than 50% year-o ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nio. The Motley Fool has a disclosure policy.Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

报告公司投资评级 报告维持蔚来公司的"增持"评级。[1] 报告的核心观点 1) 2024年一季度蔚来总收入同比下降7.2%、环比下降42.1%至99.1亿元,毛利率同比增加3.4个百分点、环比下降2.6个百分点至4.9%,Non-GAAP归母净亏损同比扩大18.2%、环比收窄1.0%至49.0亿元,主要受行业竞争加剧和价格体系调整影响。[1] 2) 2024年一季度蔚来汽车业务ASP同比下降6.2%、环比下降9.6%至27.9万元,汽车业务毛利率同比增加4.1个百分点、环比下降2.7个百分点至9.2%。2024年二季度预计交付量环比增加79.7%-86.3%至5.4-5.6万辆,预计季度交付量环比改善有望部分对冲优惠促销,带动毛利率逐步恢复。[1] 3) 蔚来充换电业务布局独树一帜,目前已开启NIO Power独立融资计划,全国已有2,427座换电站并将于6月13日上线第四代换电站,预计日均换电量达60单有望实现盈亏平衡。[1] 4) 蔚来通过品牌分层,明确各细分市场的定位(NIO针对30万元以上智能纯电市场、乐道针对大众化的家庭用户市场、萤火虫定位入门级精品小型车),预计后续关键在于乐道全新品牌首款车型L60的订单和交付爬坡能力。[1] 5) 鉴于行业竞争加剧,报告下调蔚来目标价至5.48美元(对应约1.2x 2024E PS),但长期看好其基于产业链的技术突破与积累。[1] 财务数据总结 1) 2024年一季度蔚来总收入99.1亿元,同比下降7.2%、环比下降42.1%。[1] 2) 2024年一季度蔚来毛利率为4.9%,同比增加3.4个百分点、环比下降2.6个百分点。[1] 3) 2024年一季度蔚来Non-GAAP归母净亏损49.0亿元,同比扩大18.2%、环比收窄1.0%。[1] 4) 2024年二季度蔚来预计交付量5.4-5.6万辆,环比增加79.7%-86.3%。[1] 5) 截至2024年一季度末,蔚来在手现金合计453亿元。[1] 6) 报告预测2024-2026年蔚来营业总收入分别为66,439/82,972/97,578百万元,Non-GAAP归母净利润分别为-16,972/-15,963/-11,415百万元。[2][3]

Nio (NYSE:NIO) operates as a luxury electric vehicle (EV) company, although it has a plan up its sleeve to attract customers who favor a more affordable option. Actually, it has two plans. Both offer fresh growth opportunities for NIO stock.The first is Onvo, which is short for “On Voyage.” The L60 SUV will be the brand’s first vehicle with a starting price of about $31,000. Nio expects L60 deliveries to begin during the third quarter, and preorders are already open.Nio boasted about the new brand in a pres ...

There’s a chance that every stock currently on the market trades overhyped and overvalued. Each week, and ultimately each month, indexes like the S&P 500 and Dow Jones Industrial Average break new records, defying expectations and keeping stock prices engorged. Of course, some stocks are not a part of these rallies, as they dip in value due to abysmal earnings reports or reputational hits.However, some stocks reach the next level of hype that artificially inflates their stock price and generates a position ...