Download
Download by
Scanning QR Code
  • Download app

    Download app

  • Online Inquiry

    Log in to access Online Inquiry
+
Congratulations
You've successfully got advanced quotes worth 5000 HKD
Download APP >>

不惧做空获投行看好,蔚来-SW(09866)6月交付量创新高
Not afraid to go short and be favored by the investment bank, NIO Inc.-SW (09866) June delivery volume reached a new high.

Zhitong Finance ·  {{timeTz}}

智通财经APP了解到,7月1日,蔚来$蔚来(NIO.US)$$蔚来-SW(09866.HK)$发布月度交付量数据,6月交付新车为12961台,同比增长60.3%,创月度交付量新高,Q2累计交付新车25059台,同比增长14.4%,连续9个季度同比正增长,超2022年二季度交付指引。上半年,该公司共交付新车50827台,同比增长21.1%。

APP of Zhitong Finance and Economics learned that on July 1st, NIO Inc.$NIO Inc. (NIO.US) $$NIO Inc.-SW (09866.HK) $According to the monthly delivery data, the number of new cars delivered in June was 12961, an increase of 60.3% over the same period last year, setting a new high for monthly delivery. Q2 delivered a total of 25059 new cars, an increase of 14.4% over the same period last year, nine consecutive quarters of positive growth over the same period last year, exceeding the delivery guidelines for the second quarter of 2022. In the first half of the year, the company delivered a total of 50827 new cars, an increase of 21.1% over the same period last year.

蔚来交付量远超投资者预期,经历了4-5月的上海疫情,大部分投资者对该公司Q2会比较悲观,因为上海是销售的重镇,但数据却实现双位数的交付量增长,产品需求具有较高的韧性。在6月,该公司供应链和整车生产已全面恢复,上海等地的交付工作步入正轨,交付开始放量。

NIO Inc. 's delivery volume far exceeded investors' expectations. After the epidemic in Shanghai in April-May, most investors will be more pessimistic about the company's Q2, because Shanghai is a major sales center, but the data has achieved double-digit delivery growth. Product demand is highly resilient. In June, the company's supply chain and vehicle production have fully resumed, delivery work in Shanghai and other places is on the right track, delivery began to expand.

下半年,该公司将进入产品周期,包括6月中发布的中大型SUV ES7以及搭载Alder·赤杨智能系统的ES8、ES6、EC6,均将于8月开启交付,同时位于新桥智能电动汽车产业园区的蔚来第二生产基地也将于第三季度正式投产。扩张产能投产加上产品周期,下半年交付量大概率仍实现高增长。

In the second half of the year, the company will enter the product cycle, including the medium and large SUV ES7 released in mid-June and ES8, ES6 and EC6 equipped with Alder Chiyang intelligent system, which will start delivery in August, while NIO Inc. 's second production base in Xinqiao Intelligent Electric vehicle Industrial Park will also be officially put into production in the third quarter. With the expansion of production capacity and the product cycle, the delivery volume in the second half of the year is still likely to achieve high growth.

那么,蔚来交付量增长韧性的背后,靠的是什么?

So, what does NIO Inc. rely on behind the resilience of delivery growth?

增长韧性背后,产品技术不断迭代

Behind the growth of resilience, product technology continues to iterate.

车卖的好,说明车主认可,而车主认可则是主要取决于公司产品、技术及服务,蔚来最具竞争力的是其过硬的技术水平。

The car sells well, which means that the owner recognizes it, while the owner approval mainly depends on the company's products, technology and services. NIO Inc. 's most competitive is his excellent technical level.

智通财经APP观察到,蔚来自成立以来一直以研发投入为支出重点,加速产品技术创新及迭代,软硬件持续发力,使得汽车不再是机械的组合,高度的智能化满足用户用车极致体验。该公司智能系统包括了车载智能硬件、整车计算平台、操作系统、智能算法与智能应用,已充分融合到车型中。

Zhitong Financial APP observed that Weilai has been focusing on R & D investment since its inception, accelerating product technological innovation and iteration, and the continuous development of software and hardware, so that the car is no longer a combination of machinery, and a high degree of intelligence meets the ultimate experience of users. The company's intelligent system includes on-board intelligent hardware, vehicle computing platform, operating system, intelligent algorithms and intelligent applications, which have been fully integrated into the vehicle model.

2022年,该公司亮相的新产品将包括ET7、ET5、ES7、ES8、ES6及EC6,均实现了技术上的迭代,目前核心技术包括基于NT2.0第二代技术平台、全栈自研智能底盘域控制器ICC、自动驾驶系统(NAD)以及Aquila蔚来超感系统等。蔚来车型搭载的技术都源自于自主研发,在这块遥遥领先于同行,其研发费用率于2022年Q1提升至17.8%。

In 2022, the new products unveiled by the company will include ET7, ET5, ES7, ES8, ES6 and EC6, all of which have achieved technical iterations. at present, the core technologies include the second generation technology platform based on NT2.0, full-stack self-developed intelligent chassis domain controller ICC, automatic driving system (NAD) and NIO Inc. supersensitive system. The technology carried by NIO Inc. models is derived from independent research and development, which is far ahead of its peers, and its R & D expenditure rate increased to 17.8% in 2022.

以ET7搭载的自研技术为例,搭载全栈自研ICC,是中国首个全栈自研智能底盘域控制器,且首次在汽车上实现了功能的原子化。该产品核心优势在于,一般1.5个月后就能快速FOTA,而传统来说至少需要8个月,缩短超6个月。此外ICC打破了国外悬架控制系统“黑盒子”解决方案的垄断,用户带来更多的交互性。

Taking the self-developed technology carried by ET7 as an example, equipped with full-stack self-developed ICC, it is the first full-stack self-developed intelligent chassis domain controller in China, and has realized the function atomization on the automobile for the first time. The core advantage of this product is that it can speed up FOTA in 1.5 months, while traditionally it takes at least 8 months, shortening it by more than 6 months. In addition, ICC breaks the monopoly of the "black box" solution of foreign suspension control system, and users bring more interaction.

此外,该车型搭载Aquila蔚来超感系统,实现用户极致的自动驾驶体验。该系统配备33个高性能感知硬件,其中包括1个1550nm超远距高精度激光雷达,这是截至目前量产的探测距离最远的激光雷达,也是世界上第一款已经量产的1550nm激光雷达。据了解,蔚来车主使用NIO Pilot辅助驾驶行驶的累计里程已经达到了4亿4000多万公里。

In addition, the model is equipped with Aquila NIO Inc. super-sense system to achieve the ultimate self-driving experience. The system is equipped with 33 high-performance sensing hardware, including a 1550nm ultra-long-range high-precision lidar, which is the farthest lidar in mass production so far, and the first mass-produced 1550nm lidar in the world. It is understood that the cumulative mileage of NIO Inc. owners using NIO Pilot-assisted driving has reached more than 440 million kilometers.

ET7售价有45.8万及53.86万元两款,超长续航电池包达到1000公里,除了智能化程度高外,也解决了车主对续航里程的担忧。ET7所搭载的自研技术也将应用于未来上市的车型,在领先的技术及配备优势下,预计将有多款车型“爆款”。在售价上,车型价格在30-60万元区间,蔚来专注于高端车市场,并打造高性价比的车型。

The ET7 sells for 458000 yuan and 538600 yuan, with an ultra-long battery pack of 1000 kilometers, which not only has a high degree of intelligence, but also solves the concerns of car owners about mileage. The self-developed technology carried by ET7 will also be applied to the models listed in the future, and it is expected that there will be a number of "popular styles" under the advantages of leading technology and equipment. In terms of price, the model price is in the range of 30-600000 yuan. NIO Inc. focuses on the high-end car market and creates cost-effective models.

实际上,除了打造高质量产品外,蔚来在高质量服务及市场上也在持续发力。该公司用户服务体系囊括了质保、充电、年检、养护、救援等等几乎全用车场景,推出“服务无忧”、“保险无忧”、“能量无忧”三项极具性价比的增值服务;在市场上,一方面扩大在中国市场份额,另一方面进军海外市场,已成功开拓了欧洲市场。

In fact, in addition to creating high-quality products, NIO Inc. also continues to make efforts in high-quality service and market. The company's user service system includes almost all vehicle scenarios such as quality assurance, charging, annual inspection, maintenance and rescue, and launches three cost-effective value-added services: "service without worry", "insurance without worry" and "energy without worry". In the market, on the one hand, expand the market share in China, on the other hand, enter the overseas market, has successfully opened up the European market.

下半年,蔚来的交付量预期是比较乐观,产品周期+产品力+扩张产能投产,在多款“爆款”预期下,预计交付量将实现大幅增长,从而驱动收入规模高增长。此外,该公司自研技术降低配备成本,同时研发电池技术以及电池充换电服务等产业链布局降低成本,预计盈利能力将持续优化。

In the second half of the year, NIO Inc. 's delivery volume is expected to be relatively optimistic, product cycle + product power + expansion capacity into production, in a number of "popular styles" expected, delivery volume is expected to achieve substantial growth, thus driving the high growth of income scale. In addition, the company develops its own technology to reduce equipment costs, while developing battery technology and battery recharging services and other industrial chain layout to reduce costs, and profitability is expected to continue to be optimized.

指控不实,各大投行纷纷看好

The accusation is not true, and all the major investment banks are optimistic about it.

蔚来强劲的基本面获得各大投行看好,其中中金发布研报认为,蔚来将开启强劲周期,ET5的交付和新品牌的推出将促进公司的规模效益,并有助于改善公司的基本面,同时公司高质量的服务和基于自主研发的智能电动汽车技术,将进一步加强蔚来汽车的竞争优势。中金对蔚来给出196港元目标价,高出现价14%。

NIO Inc. 's strong fundamentals are favored by major investment banks, among which CICC released a research report that NIO Inc. will start a strong cycle, and the delivery of ET5 and the launch of new brands will promote the company's economies of scale and help improve the company's fundamentals. at the same time, the company's high-quality service and smart electric vehicle technology based on independent research and development will further strengthen NIO Inc. 's competitive advantage. CICC offered NIO Inc. a target price of HK $196, 14 per cent higher than the current price.

值得注意的是,近日美国做空机构Grizzly Research(灰熊)盯上蔚来,发布做空报告,蔚来立即作出指控不实的回应,称报告内容充满了大量不实信息以及对蔚来披露信息的误读。而各大投行及机构对该报告也不认可,纷纷发布研报发表了自己的看法,包括Morgan Stanley(摩根斯坦利)、JP Morgan(JP摩根)、Daiwa Capital Markets(大和资本市场)等机构,均不支持Grizzly Research的报告结论。

It is worth noting that recently, the US short selling agency Grizzly Research (Grizzlies) targeted NIO Inc. and issued a short selling report. NIO Inc. immediately responded to the allegations, saying that the report was full of a large amount of false information and misreading of NIO Inc. 's disclosure. And the major investment banks and institutions do not approve of the report, have issued research reports to express their own views, including Morgan Stanley (Morgan Stanley), JP Morgan (JP Morgan), Daiwa Capital Markets (Daiwa Capital Markets) and other institutions, do not support the conclusions of the Grizzly Research report.

其中摩根大通针对于报告中“过度销售电池”内容,认为蔚来2021年9月武汉蔚能发行ABS时,那19000块电池只是全部基础资产(40053块电池)的一部分,武汉蔚能可以用剩余电池或未来的电池(来自新的BaaS订户)作为基础资产继续发行更多的ABS,以扩大未来的资产组合。

JPMorgan Chase & Co, aiming at the content of "overselling batteries" in the report, believes that when NIO Inc. issued ABS in Wuhan in September 2021, the 19000 batteries were only part of all basic assets (40053 batteries). Wuhan Weineng can use surplus batteries or future batteries (from new BaaS subscribers) as basic assets to continue to issue more ABS to expand its future asset portfolio.

做空机构Grizzly Research可谓“臭名昭著”,大部分港股投资者认识该沽空机构,其官网信息显示,几乎一半的做空报告,都涉及中国创新企业,专门针对处于快速增长时期的企业,通过报告形式影响缺乏经验的投资者投资情绪,并通过单日交易获取利益。此次做空蔚来,回调幅度不大,说明理性投资者居多,长期看好蔚来前景。

Grizzly Research, a short seller, is notorious. Most Hong Kong stock investors know the short seller, and almost half of the short selling reports involve Chinese innovative companies, specifically targeting companies in a period of rapid growth, according to its website. The report affects the investment sentiment of inexperienced investors and benefits from one-day trading. The short NIO Inc., the correction is not large, indicating that rational investors are in the majority, long-term optimistic about the prospects of NIO Inc..

综上看来,蔚来6月份上海产能得到全面恢复,交付量重新站上万辆大关,创下月度新高,而Q2抗下了4-5月的疫情并实现交付量双位数增长,交付量韧性蕴含着该公司强大产品力、市场及高质量服务的布局。上半年已收官,下半年迎来新产品周期,蔚来将开启不一样的“未来”。

To sum up, NIO Inc. 's Shanghai production capacity was fully restored in June, with delivery volume reaching a monthly high of 10,000 vehicles, while Q2 resisted the April-May epidemic and achieved double-digit growth in delivery volume. delivery resilience contains the company's strong product strength, market and high-quality service layout. The first half of the year has ended, the second half of the year ushered in a new product cycle, NIO Inc. will open a different "future".

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

Back to the Top