NIO Inc.The car will announce its second-quarter results on August 11. according to the previously announced July delivery, the market is optimistic about NIO Inc. 's future prospects, believing that NIO Inc. will be able to meet the previously set Q2 delivery target, and the vehicle gross profit margin is also expected to be positive.
Profitability
According to Reuters forecast, NIO Inc. 's revenue for the second quarter is expected to be 3.51 billion yuan, up 132.6% from the same period last year and 155.83% from the previous quarter; the net loss is expected to be 2.6 billion yuan, down 21.5% from the same period last year and up 50.9% from the previous quarter; and the loss per ADS is expected to be 2.54%, which is larger than the expected loss in the previous two quarters.
During the earnings call in the first quarter, CEO Li Bin gave very optimistic guidance for the second quarter.It is believed that a record 9500-10000 vehicles will be delivered in the second quarter, with revenue expected to range from 33 yuan to 3.5 billion yuan (up 123% to 134% from a year earlier), slightly less than Reuters expected.
In addition, in terms of gross profit margin, it has increased steadily with the jump in quarterly delivery, the decline in the purchase price of battery packs and other materials, the improvement in manufacturing efficiency and the steady increase in average sales prices.NIO Inc. expects his gross profit margin to improve significantly in the second quarter, with vehicle gross margins expected to exceed 5 per cent in the second quarter (- 7.4 per cent for vehicle sales in the first quarter).NIO Inc. also said that although sales expenses and R & D expenditure will increase in the second quarter, it is still confident that operating losses will continue to narrow, given the increase in gross margins.
Delivery data
The market of new energy vehicles picks upNIO Inc. delivered a total of 3533 cars in July, up 322.1% from a year earlier, the second highest monthly delivery in history after June this year.Affected by the epidemic, the delivery of NIO Inc. cars this year fell to a low of 707 in February. However, as the epidemic has been brought under control and the economy continues to recover, looking back at the second quarter, NIO Inc. delivered a total of 3155 units, 3436 units and 3740 units respectively from April to June. According to NIO Inc. 's forecast, the delivery volume in the second quarter will reach 9500-10000 vehicles. Now let's see.Performance in the second quarter is expected to exceed expectationsSales of the two mass-produced cars are also rising steadily.
The July delivery data made a good start to the third quarter, and Li Bin also said in the delivery announcement thatCapacity increase will be completed in the third quarter to achieve higher delivery performancePeople have to be more optimistic about NIO Inc. 's revenue and delivery guidelines for the third quarter.
Institutional analysis and viewpoint
Most of the 13 analysts polled by Reuters expect NIO Inc. to have a "hold" rating, three a "sell" rating and one a "strong buy" rating. However, well-known investment banks have different views on NIO Inc..
CICC published a research report that at present, NIO Inc. through ES6, ES8 and the future listing of EC6 led by the company's new orders continue to rise. At the same time, after the completion of the production capacity increase, CICC expects NIO Inc. 's subsequent sales performance to continue to climb. With the gradual increase of NIO Inc. 's market share and popularity in sunken cities, it will have a positive trend of marginal drive and incremental synergy effect on automobile sales in the future. Based on the new sales volume and cost assumptions, the loss forecast of NIO Inc. 2020 Universe is adjusted to 83.7 / 4.75 billion yuan. Based on the EV/Salesunit valuation method, due to the good performance of the company's current sales, existing orders and production capacity, the valuation multiple is raised to 4 million yuan for EV/ vehicles, while the company's target price is raised by 11% to $15. "
In addition, according to the latest data released by NIO Inc., NIO Inc. has opened 136 stores across the country, including 22 NIO Inc. Center (NIO House) and 114 NIO Inc. Space (NIO Space), with a sales network covering 87 cities across the country. Since the beginning of this year, the company has rapidly promoted channel expansion by means of low cost and cooperation with third parties.
On the contraryGoldman Sachs GroupPrior to the downgrade of NIO Inc., and that NIO Inc. 's operating performance has not changed significantly. Recently, Goldman Sachs Group has downgraded NIO Inc. twice, from buying to neutral, and then from neutral to selling. Goldman Sachs Group analysts believe that the market is overly optimistic about NIO Inc., whether it is vehicle sales or profit expectations, there is no significant change.