① How did NIO perform in the second quarter? ② Has the third quarter's target exceeded market expectations?
On September 9th, $NIO-SW (09866.HK)$ Surged more than 17%, reaching 40 Hong Kong dollars.
NIO released its second quarter financial report for 2024, with revenue of 17.45 billion yuan, a record high, compared to 8.77 billion yuan in the same period last year, an increase of 99%. Market expectations were 17.38 billion yuan. Adjusted operating loss was 4.7 billion yuan, a 14% decrease year-on-year, with market expectations of a loss of 4.86 billion yuan. Net loss was 5.046 billion yuan, a 16.7% decrease year-on-year.
For the third quarter forecast, NIO expects deliveries to be between 0.061 million-0.063 million vehicles, an increase of 10%-13.7% year-on-year, with the market expected to be 56770 vehicles; total revenue is expected to be between 19.109 billion-19.669 billion yuan, an increase of 0.2%-3.2% year-on-year. Both indicators are at historical highs.
US stocks $NIO Inc (NIO.US)$ The stock performance has risen more than 18% in the two days after the earnings. Due to weather conditions, the Hong Kong stock market was closed all day last Friday, so NIO-SW was unable to trade.
Bullish on NIO by institutions
Following the release of NIO's second quarter performance report, Citibank predicted the company's other income for the third quarter of 2024 to increase to 1.86 billion yuan, and the gross margin to improve from -12.3% in the second quarter of 2023 to -9.5%.
Citibank also predicts that Nio Inc's average selling price in the third quarter of 2024 will increase by 1% to 2% compared to the previous quarter, and the vehicle gross margin is expected to increase to 13.3% to 13.7%. This growth is attributed to the improvement of the product portfolio, the increase in average selling price, and the enhancement of economies of scale, which are expected to increase the overall gross margin by 1.8 percentage points, reaching approximately 11.5%.
In addition, JPMorgan has upgraded its rating of NIO Inc from "neutral" to "shareholding", and raised its target stock price of the company from $5.3 to $8.
Editor/Somer