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6 Sep 2024 CMB International Global Markets | Equity Research | Company Update NIO Inc. (NIO US) New brands unlikely to help NIO break even Maintain HOLD. We are of the view that NIO's 2Q24 earnings were mixed as the QoQ rise in gross profit was offset by the increases in R&D and SG&A expenses. We project FY25/26 sales volume to surge 54%/23% YoY to 324,000/400,000 units, respectively, contributed by the Onvo and Firefly brands. However, we believe such top-line growth with GPM expansion is still far away f ...

6 Sep 2024 CMB International Global Markets | Equity Research | Company Update NIO Inc. (NIO US) New brands unlikely to help NIO break even Maintain HOLD. We are of the view that NIO's 2Q24 earnings were mixed as the QoQ rise in gross profit was offset by the increases in R&D and SG&A expenses. We project FY25/26 sales volume to surge 54%/23% YoY to 324,000/400,000 units, respectively, contributed by the Onvo and Firefly brands. However, we believe such top-line growth with GPM expansion is still far away f ...

文章核心观点 - NIO公司发布了良好的季度财报,推动其股价大涨 [2] - NIO公司在销量增长和利润率改善方面表现出色 [3][5][6] - NIO公司作为中国电动车企业,正在与传统汽车制造商展开激烈竞争 [7] 公司表现总结 - NIO公司第二季度交付量创新高,达到57,373辆,其中SUV销量33,000辆,轿车销量25,000辆 [5] - NIO公司第二季度毛利率达到12.2%,为2022年末以来最高水平,显示公司盈利能力持续改善 [6] - NIO公司第三季度交付量预计将达到62,000辆,环比增长约10%,保持良好增长势头 [6] 行业竞争格局 - 传统汽车制造商如丰田、大众、菲亚特克莱斯勒等仍主导着汽油车市场,但电动车市场正逐步被中国电动车企业如NIO、比亚迪等占领 [7] - 中国电动车企业凭借原材料成本优势、较低的劳动力成本和先进的电动车技术,正在全球范围内抢占市场份额,对传统汽车制造商构成威胁 [7] - 福特和通用等传统车企近期宣布裁员,可能与中国电动车企业的出口增加有关 [7]

Shares of NIO Inc. NIO may continue to rally. Some potentially bullish dynamics have appeared on the chart.Markets don't go in straight lines. They are more like a series of trading ranges that could look like a staircase. If the market is trending lower, what was the bottom of one trading range could become the top of the next range.If a market or a stock is trending lower, many investors and traders experience buyer's remorse. They buy a stock only to watch the price drop.Buyer's remorse can turn what was ...

文章核心观点 - 尼奥汽车(Nio)在2023年第二季度交付和利润率大幅回升,为投资者带来了积极信号 [1][2][3] - 尼奥汽车在中国高端电动车市场占据了超过40%的份额 [3] - 尼奥汽车推出了新的大众化品牌Onvo,并已开设了105家Onvo门店,预计将在本月正式推出首款车型L60 SUV [4] 公司表现 - 第二季度交付量同比增长144%至57,373辆,环比增长91% [2] - 营收同比增长99%至24亿美元 [2] - 车辆毛利率由上年同期的6.2%上升至12.2%,环比提升至9.2% [2] - 整体毛利率由上年同期的1%上升至9.7%,环比提升至4.9% [2] - 净亏损同比下降16.7%至6.94亿美元 [2] 行业表现 - 尼奥在中国300,000元以上电动车市场占据超过40%的份额 [3] - 尼奥预计第三季度交付量将创新高 [4]

财务数据和关键指标变化 - 公司总收入为人民币174亿元,同比增长98.9%,环比增长76.1% [13][14] - 车辆销售收入为人民币157亿元,同比增长118.2%,环比增长87.1% [14] - 其他销售收入为人民币18亿元,同比增长11.3%,环比增长15.6% [15] - 车辆毛利率为12.2%,去年同期为6.2%,上季度为9.2% [16] - 整体毛利率为9.7%,去年同期为1%,上季度为4.9% [16] - 研发费用为人民币32亿元,同比下降3.8%,环比增长12.4% [16] - 销售及管理费用为人民币38亿元,同比增长31.5%,环比增长25.4% [16] - 营业亏损为人民币52亿元,同比下降14.2%,环比下降3.4% [17] - 净亏损为人民币50亿元,同比下降16.7%,环比下降2.7% [17] 各条业务线数据和关键指标变化 - 公司在第二季度交付了57,373辆车,同比增长143.9% [4] - 在中国,公司车型在价格高于人民币30万的纯电动车市场中占有超过40%的市场份额 [4] - 7月和8月的交付量分别为20,498辆和20,176辆,连续4个月月交付量超过20,000辆 [4] - 第三季度预计交付61,000-63,000辆 [6] - 公司正在加快国际市场拓展,第四季度将在阿联酋推出产品并开始交付 [10] 各个市场数据和关键指标变化 - 公司正在加快国际市场拓展,第四季度将在阿联酋推出产品并开始交付 [10] - 公司正在评估全球其他市场的机会,将产品引入更多市场 [10] - 公司在欧洲的5个现有市场将继续保持现有计划,不会改变拓展方向 [59] - 公司将与阿布扎比政府的战略合作伙伴在阿联酋市场提供产品和服务 [60] 公司战略和发展方向及行业竞争 - 公司推出了全域操作系统SkyOS,这是全球首个全域车载操作系统 [69][70] - SkyOS可以提高车辆的安全性和稳定性,提升研发效率 [70] - SkyOS将应用于公司旗下的NIO、ONVO和Firefly品牌 [70] - 公司正在加快国际市场拓展,未来将有ONVO和Firefly品牌产品进入海外市场 [60] - 公司未来3年内将实现新能源车渗透率超过80% [63][64] - 传统燃油车品牌正面临较大挑战,市场份额正在快速下降 [64][65] 管理层对经营环境和未来前景的评论 - 公司有信心ONVO L60的整体竞争力,预计到年底每月交付量可达10,000辆 [30][35] - L60车型在量产时实现15%的车辆毛利率是合理目标 [35][36] - 公司有信心未来3年内实现NIO品牌月销量4万辆,毛利率25% [25][26] - ONVO品牌有望实现15%以上的车辆毛利率 [27] - 公司有信心未来新能源车渗透率将快速提升,传统燃油车品牌面临较大挑战 [63][64][65] 其他重要信息 - 公司已有161个NIO Houses、408个NIO Spaces,351个服务中心和63个交付中心 [8] - ONVO品牌已在55个城市开设105家门店,年底将超过200家 [8] - 公司已拥有2,561个换电站,提供过5,200万次换电服务,并安装了2.3万个充电桩 [9] - 公司将在2025年上半年实现中国大陆所有县级市的换电网络覆盖 [9] - 公司在2024年6月连续6年获得JD Power新能源车质量研究的最高排名 [11] 问答环节重要的提问和回答 问题1 **Tim Hsiao 提问** 关于ONVO L60的预定情况和供应链准备 [19][20][21][22] **William Li 回答** 公司对L60的整体竞争力很有信心,预计到年底每月交付量可达10,000辆。公司正在积极准备供应链,到年底实现1万辆的月产能,明年实现2万辆的月产能 [20][21][22] 问题2 **Tim Hsiao 提问** 关于NIO品牌车型的销量和毛利率前景 [23][24] **Stanley Qu 回答** 公司有信心未来3年内实现NIO品牌月销量4万辆,毛利率25%。2024年第四季度NIO品牌车型毛利率有望达到15% [24][25][26] 问题3 **Ben Wang 提问** 关于ONVO L60的销量目标和费用支出 [29][31] **William Li 和 Stanley Qu 回答** 公司预计L60在第四季度交付量会较为集中,12月份有望达到每月10,000辆的水平。研发费用会保持每季度约30亿左右的投入强度,销售费用随着L60交付量的提升会有所增加但会逐步优化 [30][31]

Key TakeawaysNio cut its losses as it set a record for vehicle deliveries in the second quarter.The Chinese EV maker's deliveries jumped 143.9% year-over-year, and vehicle sales surged 118.2%.Nio also gave a current-quarter revenue forecast that exceeded forecasts. American depositary receipts (ADRs) of Nio (NIO) advanced Thursday as the Chinese electric vehicle (EV) maker reduced its losses and gave strong guidance as it set a record for deliveries. Nio posted a second-quarter loss of 5.05 billion yuan ($6 ...

hapabapa NIO Inc. (NYSE:NIO) has posted solid Q2 earnings results, with robust performance in vehicle sales and gross margins underscoring an above-estimate Q3 outlook. The company has delivered more than 20,000 vehicles on a monthly basis for four consecutive months through August. And similar strength is expected in September, which has likely kicked off with a strong start. Specifically, new car insurance registrations from NIO totaled 6,000 for the week ending September 1. Based on 20,176 vehicle de ...

September 5 was scheduled for Nio‘s (NYSE: NIO) Q2 earnings report release before markets open in the U.S., and it brought some new records and a few pleasant surprises.Nio stock reacted positively to the news, as the gains of 2.17%, which set its price at $4.24 on September 4, were further bolstered by a 3.07% advancement in the pre-market trading.NIO stock 5-day price chart. Source: FinboldThe Q2 report revealed that Nio reported adjusted earnings per share (EPS) of $0.30, slightly better than the estimat ...