Jingwu Financial News | swhy released a research report indicating that NIO (09866) disclosed its Q3 2024 results, with a total sales volume of 149,000 units in the first three quarters, a year-on-year increase of 35.7%; total revenue of 46.03 billion yuan, a year-on-year increase of 19.5%; gross margin of 9.1%, an increase of 4.5 percentage points year-on-year; net income attributable to the parent of -15.53 billion yuan, a year-on-year reduction in loss of 0.03 billion yuan. In Q3 2024, total sales volume reached 62,000 units, up 11.6% year-on-year and 7.8% quarter-on-quarter; total revenue was 18.67 billion yuan, down 2.1% year-on-year but up 7.0% quarter-on-quarter; gross margin was 10.7%, up 2.7 percentage points year-on-year and 1.0 percentage points quarter-on-quarter; net income attributable to the parent was -5.14 billion yuan, an increase in loss of 0.51 billion yuan year-on-year and 0.02 billion yuan quarter-on-quarter. The Q3 report performance of NIO autos meets expectations, with the new brand Leda driving sales upward.

The firm stated that the Leda L60 was launched on September 19, and with its innovative BaaS battery rental solution, the price threshold was lowered to start from 149,900 yuan. As of September 24, the number of orders for the Leda L60 had increased to 65,000 units, with a locking rate as high as 70%. In October, 4,319 units were delivered. According to Li Bin, deliveries of the Leda L60 are expected to reach 10,000 units in December and 20,000 units by March 2025, providing significant growth momentum for NIO's sales. Additionally, according to Leda’s president Ai Tiecheng, Leda will debut two new models in 2025, a six-seat/seven-seat flagship SUV and a large five-seat SUV; the third brand, Firefly, will also be launched at NIODay 2024, with the first model starting deliveries in the first half of 2025. The gradual launch and delivery of vehicles in the more affordable price range are expected to drive significant growth in NIO's sales in 2025.

The firm continued to state that due to the strong orders for the new model Leda L60 in 2024 and the launch of multiple new models in 2025, the company's sales are expected to grow. The firm has adjusted the revenue forecast for 2024-2026 from 62/90.6/110.9 billion yuan to 66.5/93.9/116.4 billion yuan; however, due to the Leda L60’s recent launch in September, the gross margin is expected to be lower during the early stages of ramp-up, and thus the net income attributable to the parent for 2024 has been revised from -18.3 billion yuan to -19.3 billion yuan. The net income attributable to the parent forecasts for 2025-2026 have been revised from -15/-9.7 billion yuan to -13.6/-9.1 billion yuan, maintaining a 'neutral' rating.