This article is edited by: CICC NIO Inc.: one move wins and leads a new round of hardware competition.
Summary:1月9NIO Inc. held NIO Day 2020. During the event, the company released a number of leading industry products and services, including the brand new car ET7, Wei automatic driving (NAD) and 150kWhThe battery pack, as well as the subscription-based charging model for autopilot services, exceeded market expectations.
CICC Analysis, NADShow NIO Inc. 's leading autopilot strength, ET7It also reflects excellent product power and price competitiveness. The leading "Intelligent driving +""Smart hardware" will encourage the company to iterate and expand at both ends of the software and hardware.
Based on the leading advantages of self-driving software and hardware technology demonstrated by NIO Inc. this time, CICC maintains 2020 Universe 21.Net loss of 55.0 pounds 38.0100 million yuan, adjusted by 2022Annual net profit forecast to 3.3100 million yuan to maintain NIO Inc. 's outperform industry rating. Based on the segment valuation method, NIO Inc. raised part of the market value of hardware (vehicle sales) and software (intelligent driving), and raised the target price by 42%.至85USD, corresponding to 44%Uplink space.
1. NADSet up a benchmark for autopilot hardware platform and create subscription fees
CICC analysis, the most eye-catching new product this time is Wei automatic driving NAD(Nio Autonomous Driving) system. The whole system can gradually realize point-to-point autopilot in high-speed, urban, parking, power-up and other scenarios.
Perceptual layerThe Aquila supersensitive system is equipped with 33 high-performance sensing hardware and is an industry leader in lidar. At the computing level, the supercomputing platform Adam is equipped with four NVIDIA Orin chips with computing power as high as 1016Tops.
Lidar uses Innovusion products invested by NIO Inc. and NIO Inc. Capital, with a 120-degree ultra-wide viewing angle, equivalent 300line ultra-high resolution, and a maximum detection range of 500m:
Computational levelWei automatic driving supercomputing platform Adam is equipped with four NVIDIA Corp NVIDIA Orin chips with computing power as high as 1016Tops. This also makes NIO Inc. ET7 the first mass-produced car with NVIDIA Orin in the world.
Introduced by NIO Inc., NADThe hardware system will be standard on the latest model ET7. Users who need to use the full set of autopilot functions, namely ADaaS (AD as a Service), are charged through the subscription mode, which is 680RMB per month.Open up a new business model for intelligent driving service。
II. 150kWhBattery +The second generation power station, the experience of using the car will be improved again.
NIO Inc. also released 150kWh this time.Solid state battery products. It adopts in-situ solidified solid-liquid electrolyte, inorganic pre-lithiated carbon-silicon negative electrode and nanometer ultra-high nickel cathode to ensure life while improving energy density and charging efficiency. Compared with conventional three-yuan batteriesPromote50%The energy density reaches 360Wh/kg.。
Equipped with 150kWh battery pack, NIO Inc. 's entire model has a long battery life, with the new ES8 exceeding 850km and EC6 exceeding 900km and ET7 surpassing 1000km. The new battery pack is scheduled for 2022Q4 delivery.
NIO Inc. second generation power stationIt is also officially released on NIO Day.Support the automatic entry of vehicles for power change.Can hold up to 13 battery packs in a single stationThe daily service capacity is up to312The number of stations is four times that of the first generation.The experience of using cars has been improved.
Third, the product line is further expanded, and the flagship car continues the strategy of holding high.
NIO Inc. ET7, NIO Inc. 's first car model, was officially unveiled at the event. NIO Inc. also continued the strategy of holding high on the car product line, releasing larger flagship sedan models. The length, width and height of ET7 are 5098mm, 1987mm, 1505mm and wheelbase 3060mm respectively.
Price aspectNIO Inc. ET7 standard edition starts at 448000 yuan before subsidy, but starts at 378000 yuan after adopting battery rental BaaS scheme. The company plans to start ET7 delivery in the first quarter of 2022.
CICC emphasizes，AdoptBaaSAfter the plan, NIO Inc. ET7Very cost-effective in the same level：
Valuation: 42% increase in target price至85dollar
CICC Analysis, this releaseNADIt shows NIO Inc. 's leading autopilot strength, ET7Models also reflect excellent product power and price competitiveness.At the same timeLeading "intelligent driving"+"Smart hardware" will prompt NIO Inc. to iterate and expand at both ends of the software and hardware.。
Based on the leading position of autopilot software and hardware technology demonstrated by NIO Inc. this timeCICC maintained a net loss of 55.0 / 3.8 billion yuan in 2020Compact 21, adjusted its 2022 net profit forecast to 330 million yuan, and maintained NIO Inc. 's outperforming industry rating.
Based on the segment valuation method, CICC raised the market value of NIO Inc. 's hardware (vehicle sales) and software (smart driving) and raised the target price by 42%.至85USD, corresponding to 44%Uplink space。
Edit / gary