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蔚来-SW(09866.HK):今年下半年将交付多款新产品

NIOLAI-SW (09866.HK): A number of new products will be delivered in the second half of this year

國泰君安國際 ·  Sep 13, 2022 17:56  · Researches

The company's delivery volume reached 25059 vehicles in the second quarter of 2022, an increase of 14.4% year-on-year. Delivery began to recover in July and August, reaching 10052 and 10677, respectively. The second half of 2022 is a critical period for NIO Inc. to expand production and deliver a number of new products. Equipped with NIO Technology 2.0 (NT2.0) platform, the first medium and large five-seater smart electric SUV ES7 has become one of the most popular models in the market because of its excellent performance, comfort and digital experience. The market witnessed a strong order inflow from ES7 and began bulk delivery in August. We also expect ET5 to start mass production and delivery by the end of September. Based on its highly competitive product portfolio and excellent brand recognition, NIO Inc. will attract a wider user base and achieve strong growth in the next few quarters.

The company's revenue exceeded 10 billion yuan in the second quarter of this year. Total revenue in the second quarter of 2022 was 10.2924 billion yuan ($1.5366 billion), an increase of 21.8% over the second quarter of 2021 and 3.9% over the first quarter of 2022. Vehicle sales revenue in the second quarter of 2022 was 9.5708 billion yuan ($1.4289 billion), an increase of 21.0% over the second quarter of 2021 and 3.5% over the first quarter of 2022.

Vehicle sales revenue increased compared with the second quarter of 2021, mainly due to an increase in delivery. Vehicle sales revenue increased compared with the first quarter of 2022, mainly due to an increase in average selling prices. The gross profit margin was 13.0% in the second quarter, compared with 18.6% in the second quarter of 2021 and 14.6% in the first quarter of 2022. Gross profit margin decreased compared with the second quarter of 2021, due to lower gross profit margin on vehicles and expanded investment in energy and services networks.

Looking forward to the third quarter of 2022. The company expects vehicle deliveries of 31000 to 33000 vehicles, an increase of about 26.8% to 35.0% from the third quarter of 2021. Total revenue was 12.845 billion yuan ($1.918 billion) to 13.598 billion yuan ($2.03 billion), an increase of about 31.0% to 38.7% from the third quarter of 2021.

We expect the good leadership of the management of the company to enhance the development of the company, and the policy of exemption from the purchase tax on new energy vehicles will be extended until the end of next year to further promote the consumption of new energy vehicles, with expected growth in the third quarter.

Investment suggestion: the company's revenue exceeded 10 billion yuan in the second quarter of this year, and the second half of the year is a key period for NIO Inc. to expand the production and delivery of many new products.

The translation is provided by third-party software.


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